<SEC-DOCUMENT>0001279569-17-002257.txt : 20171117
<SEC-HEADER>0001279569-17-002257.hdr.sgml : 20171117
<ACCEPTANCE-DATETIME>20171117165332
ACCESSION NUMBER:		0001279569-17-002257
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		15
FILED AS OF DATE:		20171117
DATE AS OF CHANGE:		20171117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Trilogy Metals Inc.
		CENTRAL INDEX KEY:			0001543418
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-220484
		FILM NUMBER:		171211629

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1150, 609 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7Y 1G5
		BUSINESS PHONE:		(604) 638-8088

	MAIL ADDRESS:	
		STREET 1:		SUITE 1150, 609 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7Y 1G5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NovaCopper Inc.
		DATE OF NAME CHANGE:	20120228
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>tv479834_s3a.htm
<DESCRIPTION>S-3/A
<TEXT>
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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As filed with the Securities and
Exchange Commission on November 17, 2017</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Registration
No.&nbsp;333-220484</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"> AMENDMENT
NO. 2 </P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">TO</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 18pt">FORM
S-3</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 18pt"></FONT><BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">TRILOGY
METALS Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center; font-size: 10pt"><B>British Columbia</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center; font-size: 10pt"><B>98-1006991</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><B>(State or other jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><B>(I.R.S. Employer</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><B>incorporation or organization)</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><B>Identification Number)</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Suite 1150, 609
Granville Street</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Vancouver, British Columbia</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Canada, V7Y 1G5</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(604) 638-8088</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(Address, including zip code, and telephone number, including area code of registrant&rsquo;s principal executive offices)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DL Services, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Columbia Center</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>701 Fifth Avenue, Suite 6100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Seattle, Washington 98104-7043</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(206) 903-8800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Name, address, including zip code, and
telephone number, including area code, of agent for service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Kimberley R. Anderson</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Dorsey &amp; Whitney LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>701 5th Avenue, Suite 6100</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Seattle, Washington 98104</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(206) 903-8800</B></P></TD>
    <TD STYLE="width: 2%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Trisha Robertson</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>595 Burrard Street</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Suite 2600, Three Bentall Centre</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Vancouver, British Columbia, Canada</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>V7X 1L3 </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(604) 631-3300</B></P></TD>
    <TD STYLE="width: 2%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Riccardo Leofanti</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Skadden, Arps, Slate, Meagher &amp; Flom
        LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>222 Bay Street, Suite 1750</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Toronto, Ontario, Canada</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>M5K 1J5</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(416) 777-4700</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>From time to time after the effective date of this Registration Statement</B><BR>
<B>(Approximate date of commencement of proposed sale to the public)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the only securities
being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of the securities
being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities
Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this Form is filed
to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this Form is a post-effective
amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this Form is a registration
statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with
the Commission pursuant to Rule&nbsp;462(e) under the Securities Act, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this Form is a post-effective
amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional
classes of securities pursuant to Rule&nbsp;413(b) under the Securities Act, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,
or an emerging growth company. See the definitions of &ldquo;large accelerated filer&rdquo;, &ldquo;accelerated filer&rdquo;,
&ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act. (Check
one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; text-align: left">Large accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 28%; text-align: left">Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: left">Non-accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 10%; text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: bottom">Smaller reporting company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">(Do not check if a smaller reporting company)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Title of Each Class of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities To Be Registered(1)</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount&nbsp;to&nbsp;be<BR>
Registered&nbsp;(1)&nbsp;(2)</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate&nbsp;Price</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Per Unit&nbsp;(2)</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed</B></P>
                                                                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum</B></P>
                                                                                                                                                                                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate</B></P>
                                                                                                                                                                                                                                                                                                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering</B></P>
                                                                                                                                                                                                                                                                                                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price&nbsp;(2)&nbsp;(3)</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration<BR>
&nbsp;Fee&nbsp;(4) (5)</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Common Shares, no par value</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Warrants to Purchase Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Share Purchase Contracts</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">Total</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">50,000,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,795</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><P STYLE="margin: 0">There are being registered hereunder such indeterminate number of common shares, such indeterminate number
of warrants to purchase common shares and such indeterminate amount of share purchase contracts as will have an aggregate initial
offering price not to exceed $50,000,000.&nbsp;&nbsp;Any securities registered hereunder may be sold separately or together with
other securities registered hereunder, at times, in amounts, at prices and on terms to be determined based on market conditions
at the time of sale and set forth in an accompanying prospectus supplement. The securities registered also include such indeterminate
amounts and numbers of shares of common stock as may be issued upon exercise of warrants or pursuant to anti-dilution provisions
of any such securities. The securities registered also include, pursuant to Rule 416 under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), such additional number of shares of common shares that may become issuable as a result of any
stock split, stock dividends or similar event.</P>


</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; padding-top: 3pt"></TD><TD STYLE="width: 0.25in; padding-top: 3pt">2.</TD><TD STYLE="text-align: justify; padding-top: 3pt">Not applicable pursuant to Form S-3 General Instruction II.D.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; padding-top: 3pt"></TD><TD STYLE="width: 0.25in; padding-top: 3pt">3.</TD><TD STYLE="text-align: justify; padding-top: 3pt">The Registrant is hereby registering an indeterminate amount and number of each identified class of the identified securities
up to a proposed maximum aggregate offering price of $50,000,000, which may be offered from time to time at indeterminate prices,
including securities that may be purchased by underwriters.&nbsp;&nbsp;The Registrant has estimated the proposed maximum aggregate
offering price solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; padding-top: 3pt"></TD><TD STYLE="width: 0.25in; padding-top: 3pt">4.</TD><TD STYLE="text-align: justify; padding-top: 3pt">The registration fee has been calculated in accordance with Rule 457(o) under the Securities Act. </TD></TR>                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt">&nbsp;</TD><TD STYLE="padding-top: 3pt">5.</TD><TD STYLE="text-align: justify; padding-top: 3pt">Previously paid.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: justify"><B>The registrant hereby amends this registration statement on such date or dates
as may be necessary to delay its effective date until the registrant shall file a further amendment that specifically states that
this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act, or until
the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said
Section&nbsp;8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This registration statement
contains a prospectus relating to an offering of our securities in the United States, together with separate prospectus pages relating
to an offering of securities in Canada. The U.S. prospectus and the Canadian prospectus will be substantially identical except
for the cover page and the table of contents, and except that the Canadian prospectus includes certain disclosure required by Canadian
securities laws and a &ldquo;Certificate of the Company&rdquo;. The complete U.S. prospectus is included herein and is followed
by those alternate and additional pages to be used solely in the Canadian prospectus. Each of the alternate pages for the Canadian
prospectus included in this registration statement has been labeled &quot;[Alternate Page for Canadian Prospectus]&quot;. Each
of the additional pages for the Canadian prospectus included in this registration statement has been labeled &ldquo;[Additional
Page for Canadian Prospectus]&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: red"><B><BR CLEAR="ALL">
The information in this prospectus is not complete and may be changed. We may not sell these securities or accept an offer to buy
these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus
is not an offer to sell these securities, and it is not soliciting offers to buy these securities in any state where such offer
or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: red"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: red"> <B>SUBJECT
TO COMPLETION, DATED NOVEMBER 17, 2017</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: red"><IMG SRC="image_001.jpg" ALT="Trilogy Logo JPEG (2)" STYLE="height: 92px; width: 291px"><B><I>&#9;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$50,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Warrants to Purchase Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Share Purchase Contracts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may offer and issue from time to time
common shares (the &ldquo;Common Shares&rdquo;), warrants to purchase Common Shares (the &ldquo;Warrants&rdquo;) and share purchase
contracts (all of the foregoing, collectively, the &ldquo;Securities&rdquo;) or any combination thereof up to an aggregate initial
offering price of $50,000,000 in one or more transactions under this shelf prospectus (which we refer to as the &ldquo;Prospectus&rdquo;).
Securities may be offered separately or together, at times, in amounts, at prices and on terms to be determined based on market
conditions at the time of sale and set forth in an accompanying shelf prospectus supplement (a &ldquo;Prospectus Supplement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Prospectus provides you with a general
description of the Securities that we may offer. Each time we offer Securities, we will provide you with a Prospectus Supplement
that describes specific information about the particular Securities being offered and may add, update or change information contained
or incorporated by reference in this Prospectus. You should read both this Prospectus and the Prospectus Supplement, together with
the additional information which is incorporated by reference into this Prospectus and the Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Our outstanding common shares are listed
and posted for trading on the Toronto Stock Exchange (&ldquo;TSX&rdquo;) and the NYSE American LLC (&ldquo;NYSE American&rdquo;,
previously the NYSE MKT LLC), under the symbol &ldquo;TMQ&rdquo;. On November 16, 2017, the last reported sale price of the Common
Shares on the NYSE American was $0.92 per Common Share and on the TSX was Cdn$1.16 per Common Share. Unless otherwise specified
in the applicable Prospectus Supplement, Securities other than the Common Shares will not be listed on any securities exchange.
<B>There is currently no market through which the Securities, other than the Common Shares, may be sold and you may not be able
to resell such Securities purchased under this Prospectus and any applicable Prospectus Supplement. This may affect the pricing
of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity of the Securities,
and the extent of issuer regulation. </B>The offering of Securities hereunder is subject to approval of certain legal matters
on our behalf by Blake, Cassels &amp; Graydon LLP, with respect to Canadian legal matters, and Dorsey &amp; Whitney LLP, with
respect to U.S. legal matters and, except as otherwise set forth in any Prospectus Supplement, on behalf of any underwriters or
agents by Skadden, Arps, Slate, Meagher &amp; Flom LLP with respect to U.S. legal matters. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our securities involves
a high degree of risk. You should carefully read the </B>&lsquo;&lsquo;<B><I>Risk Factors</I></B>&rsquo;&rsquo; <B>section beginning
on page 3 of this Prospectus and carefully consider the discussion of risks and uncertainties under the heading &ldquo;<I>Risk
Factors</I>&rdquo; contained in any applicable Prospectus Supplement and in the documents that are incorporated by reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>These Securities have not been approved
or disapproved by the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) or any state securities commission nor has the
SEC or any state securities commission passed upon the accuracy or adequacy of this Prospectus or any applicable Prospectus Supplement.&nbsp;&nbsp;&nbsp;Any
representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The date of this Prospectus is November
__, 2017.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">TABLE OF
CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#a_001">2</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_002">risk factors</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_002">3</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_003">CAUTIONARY NOTE TO UNITED STATES INVESTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_003">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_004">Cautionary Statement Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_004">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_005">Exchange Rate Information</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_005">9</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_006">The Company</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_006">9</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_006a">The Arctic Project</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_006a">11</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_007">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_007">42</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_008">Dividend Policy</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_008">42</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_009">Consolidated Capitalization</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_009">42</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_010">prior sales</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_010">43</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_011">trading price and volume</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_011">43</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_012">Description of Share Capital</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_012">43</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_013">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_013">43</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_014">DESCRIPTION OF SHARE PURCHASE CONTRACTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014">44</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_015">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015">45</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_016">CERTAIN CANADIAN and U.S. Federal Income Tax Considerations</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016">45</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_017">Legal Matters</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017">45</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_018">AUDITORS, Transfer Agent and Registrar</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018">46</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_019">Interest of Experts</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019">46</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_020">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020">47</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_021">ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_021">47</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_022">Enforceability of Civil Liabilities</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_022">48</A></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>ABOUT
THIS PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> This Prospectus is a part of a registration
statement that we have filed with the SEC utilizing a &ldquo;shelf&rdquo; registration process.&nbsp;&nbsp;Under this shelf registration
process, we may sell any combination of the Securities described in this Prospectus in one or more offerings up to an aggregate
initial offering price of $50,000,000. The specific terms of the Securities with respect to a particular offering will be set
out in the applicable Prospectus Supplement and may include, where applicable: (i) in the case of Common Shares, the designation
of the particular class and series, the number of Common Shares offered, the issue price, dividend rate, if any, and any other
terms specific to the Common Shares being offered; (ii) in the case of Warrants, the designation, terms, number of Common Shares
issuable upon exercise of the Warrants, any procedures that will result in the adjustment of these numbers, the exercise price,
dates and periods of exercise, the currency in which the Warrants are issued and any other specific terms; and (iii) in the case
of share purchase contracts, the designation, number and terms of the Common Shares to be purchased under the share purchase contract,
any procedures that will result in the adjustment of these numbers, the purchase price and purchase date or dates of the Common
Shares, any requirements of the purchaser to secure its obligations under the share purchase contract and any other specific terms.
Where required by statute, regulation or policy, and where Securities are offered in currencies other than Canadian dollars, appropriate
disclosure of foreign exchange rates applicable to such Securities will be included in the Prospectus Supplement describing such
Securities. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer and sell Securities to or
through underwriting syndicates or dealers, through agents or directly to purchasers. The Prospectus Supplement for each offering
of Securities will describe in detail the plan of distribution for that offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with any offering of the
Securities (unless otherwise specified in a Prospectus Supplement), the underwriters or agents may over-allot or effect transactions
which stabilize or maintain the market price of the Securities offered at a higher level than that which might exist in the open
market. Such transactions, if commenced, may be interrupted or discontinued at any time. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please carefully read both this Prospectus
and any Prospectus Supplement together with the documents incorporated herein by reference under &ldquo;<I>Documents Incorporated
by Reference</I>&rdquo; and the additional information described below under &ldquo;<I>Additional Information</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prospective investors should be aware
that all mineral resource estimates, and any future reserve estimates, included or incorporated by reference in this Prospectus
and any accompanying Prospectus Supplement have been and will be prepared in accordance with applicable Canadian standards, which
differ from U.S. standards. See &ldquo;<I>Cautionary Note to United States Investors</I>&rdquo;. This Prospectus and the documents
incorporated by reference in this Prospectus contain forward-looking statements and forward-looking information within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. See <I>&ldquo;Cautionary
Statement Regarding Forward-Looking Statements</I>&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prospective investors should be aware
that the acquisition of the Securities described herein may have tax consequences. You should read the tax discussion contained
in the applicable Prospectus Supplement and consult your tax advisor with respect to your own particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information
contained or incorporated by reference in this Prospectus and any Prospectus Supplement.&nbsp;&nbsp;We have not authorized anyone
to provide you with different information.&nbsp;&nbsp;The distribution or possession of this Prospectus in or from certain jurisdictions
may be restricted by law.&nbsp;&nbsp;This Prospectus is not an offer to sell these Securities and is not soliciting an offer to
buy these Securities in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale
is not qualified to do so or to any person to whom it is not permitted to make such offer or sale.&nbsp;&nbsp;The information contained
in this Prospectus is accurate only as of the date of this Prospectus and any information incorporated by reference is accurate
as of the date of the applicable document incorporated by reference, regardless of the time of delivery of this Prospectus or of
any sale of the Securities.&nbsp;&nbsp;Our business, financial condition, results of operations and prospects may have changed
since that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Prospectus and in any Prospectus
Supplement, unless the context otherwise requires, references to &ldquo;Trilogy&rdquo;, the &ldquo;Company&rdquo;, &ldquo;we&rdquo;,
&ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Trilogy Metals Inc., either alone or together with our subsidiaries as the context
requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Unless stated otherwise or as the context
otherwise requires, all references to dollar amounts in this Prospectus and any Prospectus Supplement are references to United
States dollars. References to &ldquo;$&rdquo; or &ldquo;US$&rdquo; are to United States dollars and references to &ldquo;Cdn$&rdquo;
are to Canadian dollars. See &ldquo;<I>Exchange Rate Information</I>&rdquo;. Our financial statements that are incorporated by
reference into this Prospectus and any Prospectus Supplement have been prepared in accordance with accounting principles generally
accepted in the United States. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_002"></A>risk
factors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investing in the Securities is speculative
and involves a high degree of risk due to the nature of our business and the present stage of exploration of our mineral properties.
The following risk factors, as well as risks currently unknown to us, could materially adversely affect our future business, operations
and financial condition and could cause them to differ materially from the estimates described in forward-looking information relating
to Trilogy, or our business, property or financial results, each of which could cause purchasers of Securities to lose all or part
of their investments. The risks set out below are not the only risks we face; risks and uncertainties not currently known to us
or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, results
of operations and prospectus. Before deciding to invest in any Securities, investors should consider carefully the risks included
herein and incorporated by reference in this Prospectus (including subsequently filed documents incorporated by reference) and
those described in any Prospectus Supplement.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">Risks
Related to Our Securities</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Future sales
or issuances of equity securities could decrease the value of any existing Common Shares, dilute investors&rsquo; voting power
and reduce our earnings per share.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell additional equity securities
(including through the sale of securities convertible into Common Shares) and may issue additional equity securities to finance
our operations, exploration, development, acquisitions or other projects. We are authorized to issue an unlimited number of Common
Shares. We cannot predict the size of future sales and issuances of equity securities or the effect, if any, that future sales
and issuances of equity securities will have on the market price of the Common Shares. Sales or issuances of a substantial number
of equity securities, or the perception that such sales could occur, may adversely affect prevailing market prices for the Common
Shares. With any additional sale or issuance of equity securities, investors will suffer dilution of their voting power and may
experience dilution in our earnings per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our Common
Shares are subject to various factors that have historically made share prices volatile.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of our Common Shares may
be subject to large fluctuations, which may result in losses to investors. The market price of the Common Shares may increase or
decrease in response to a number of events and factors, including: our operating performance and the performance of competitors
and other similar companies; volatility in metal prices; the arrival or departure of key personnel; the number of Common Shares
to be publicly traded after an offering pursuant to any Prospectus Supplement; the public&rsquo;s reaction to our press releases,
material change reports, other public announcements and our filings with the various securities regulatory authorities; changes
in earnings estimates or recommendations by research analysts who track the Common Shares or the shares of other companies in the
resource sector; changes in general economic and/or political conditions; acquisitions, strategic alliances or joint ventures involving
us or our competitors; and the factors listed under the heading &ldquo;<I>Cautionary Statement Regarding Forward-Looking Statements</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of the Common Shares may
be affected by many other variables which are not directly related to our success and are, therefore, not within our control, including
other developments that affect the market for all resource sector securities, the breadth of the public market for the Common Shares
and the attractiveness of alternative investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Use of Proceeds</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While detailed information regarding the
use of proceeds from the sale of our Securities will be described in the applicable Prospectus Supplement, we will have broad discretion
over the use of the net proceeds from an offering of our Securities. Because of the number and variability of factors that will
determine our use of such proceeds, the Company&rsquo;s ultimate use might vary substantially from its planned use. You may not
agree with how we allocate or spend the proceeds from an offering of our Securities. We may pursue acquisitions, collaborations
or other opportunities that do not result in an increase in the market value of our Securities, including the market value of our
Common Shares, and that may increase our losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We do not
intend to pay any cash dividends in the foreseeable future.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not declared or paid any dividends
on our Common Shares. Our current business plan requires that for the foreseeable future, any future earnings be reinvested to
finance the growth and development of our business. We do not intend to pay cash dividends on the Common Shares in the foreseeable
future. We will not declare or pay any dividends until such time as our cash flow exceeds our capital requirements and will depend
upon, among other things, conditions then existing including earnings, financial condition, restrictions in financing arrangements,
business opportunities and conditions and other factors, or our Board determines that our shareholders could make better use of
the cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Market for securities </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is no market through which Share Purchase
Contracts or Warrants to purchase Common Shares may be sold. There can be no assurance that an active trading market will develop
for the aforementioned securities, or if developed, that such a market will be sustained at the price level at which it was offered.
The liquidity of the trading market in those securities, and the market price quoted of those securities, may be adversely affected,
by among other things:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">changes in the overall market for those securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">changes in our financial performance or prospects;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">changes or perceived changes in our creditworthiness;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">the prospects for companies in the industry generally;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">the number of holders of those securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">the interest of securities dealers in making a market for those securities; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">prevailing interest rates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurance that fluctuations
in the trading price will not materially adversely impact our ability to raise equity funding without significant dilution to our
existing shareholders, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>CAUTIONARY
NOTE TO UNITED STATES INVESTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, all resource
estimates, and any future reserve estimates, included or incorporated by reference in this Prospectus and any Prospectus Supplement
have been, and will be, prepared in accordance with Canadian National Instrument 43-101 <I>Standards of Disclosure for Mineral
Projects</I> (&ldquo;NI 43-101&rdquo;) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for
Mineral Resources and Mineral Reserves (&ldquo;CIM Definition Standards&rdquo;). NI 43-101 is a rule developed by the Canadian
Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information
concerning mineral projects. NI 43-101 permits the disclosure of an historical estimate made prior to the adoption of NI 43-101
that does not comply with NI 43-101 to be disclosed using the historical terminology if the disclosure: (a) identifies the source
and date of the historical estimate; (b) comments on the relevance and reliability of the historical estimate; (c) to the extent
known, provides the key assumptions, parameters and methods used to prepare the historical estimate; (d) states whether the historical
estimate uses categories other than those prescribed by NI 43-101; and (e) includes any more recent estimates or data available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Canadian standards, including NI 43-101,
differ significantly from the requirements of the United States Securities and Exchange Commission (&ldquo;SEC&rdquo;), and reserve
and resource information contained or incorporated by reference into this Prospectus and any Prospectus Supplement may not be
comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing,
the term &ldquo;resource&rdquo; does not equate to the term &ldquo;reserves&rdquo;. Under SEC Industry Guide 7, mineralization
may not be classified as a &ldquo;reserve&rdquo; unless the determination has been made that the mineralization could be economically
and legally produced or extracted at the time the reserve determination is made. SEC Industry Guide 7 does not define and the
SEC&rsquo;s disclosure standards normally do not permit the inclusion of information concerning &ldquo;measured mineral resources&rdquo;,
&ldquo;indicated mineral resources&rdquo; or &ldquo;inferred mineral resources&rdquo; or other descriptions of the amount of mineralization
in mineral deposits that do not constitute &ldquo;reserves&rdquo; by U.S. standards in documents filed with the SEC. U.S. investors
should also understand that &ldquo;inferred mineral resources&rdquo; have a great amount of uncertainty as to their economic and
legal feasibility. Under Canadian rules, subject to certain exceptions, estimated &ldquo;inferred mineral resources&rdquo; may
not form the basis of feasibility or pre-feasibility studies. Investors are cautioned not to assume that all or any part of an
&ldquo;inferred mineral resource&rdquo; exists or is economically or legally mineable. Disclosure of &ldquo;contained ounces&rdquo;
in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization
that does not constitute &ldquo;reserves&rdquo; by SEC standards as in-place tonnage and grade without reference to unit measures.
The requirements of NI 43-101 for identification of &ldquo;reserves&rdquo; are also not the same as those of the SEC, and any
reserves reported by us in the future in compliance with NI 43-101 may not qualify as &ldquo;reserves&rdquo; under SEC standards.
Accordingly, information concerning mineral deposits set forth herein may not be comparable to information made public by companies
that report in accordance with United States standards. Accordingly, information contained in this Prospectus and the documents
incorporated by reference herein that describes the Company&rsquo;s mineral deposits may not be comparable to similar information
made public by United States companies subject to reporting and disclosure requirements under United States federal securities
laws and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_004"></A>Cautionary
Statement Regarding Forward-Looking Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information discussed in this Prospectus
and the documents incorporated by reference into this Prospectus includes &ldquo;forward-looking information&rdquo; and &ldquo;forward-looking
statements&rdquo; within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities
laws. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and
budgets, mineral reserves and resource estimates, work programs, capital expenditures, operating costs, cash flow estimates, production
estimates and similar statements relating to the economic viability of a project, timelines, strategic plans, statements relating
anticipated activity with respect to the Ambler Mining District Industrial Access Project (&ldquo;AMDIAP&rdquo;), the Company&rsquo;s
plans and expectations relating to the Arctic and Bornite projects (the &ldquo;Upper Kobuk Mineral Projects&rdquo;), completion
of transactions, market prices for precious and base metals, or other statements that are not statements of fact. These statements
relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable
and assumptions of management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Statements concerning mineral resource
estimates may also be deemed to constitute &ldquo;forward-looking statements&rdquo; to the extent that they involve estimates of
the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often,
but not always, identified by words or phrases such as &ldquo;expects&rdquo;, &ldquo;is expected&rdquo;, &ldquo;anticipates&rdquo;,
&ldquo;believes&rdquo;, &ldquo;plans&rdquo;, &ldquo;projects&rdquo;, &ldquo;estimates&rdquo;, &ldquo;assumes&rdquo;, &ldquo;intends&rdquo;,
&ldquo;strategy&rdquo;, &ldquo;goals&rdquo;, &ldquo;objectives&rdquo;, &ldquo;potential&rdquo;, &ldquo;possible&rdquo; or variations
thereof or stating that certain actions, events, conditions or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;,
&ldquo;should&rdquo;, &ldquo;might&rdquo; or &ldquo;will&rdquo; be taken, occur or be achieved, or the negative of any of these
terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements
are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results
to differ from those reflected in the forward-looking statements, including, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to inability to define proven and probable reserves;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to our ability to finance the development of our mineral
properties through external financing, strategic alliances, the sale of property interests or otherwise;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">none of the Company&rsquo;s mineral properties are in production or
are under development;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to lack of infrastructure including but not limited
to the risk whether or not the AMDIAP will receive the requisite permits and, if it does, whether the Alaska Industrial Development
and Export Authority will build the AMDIAP;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">uncertainty as to whether there will ever be production at the Company&rsquo;s
mineral exploration and development properties;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">uncertainties relating to the assumptions underlying our resource
estimates, such as metal pricing, metallurgy, mineability, marketability and operating and capital costs;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">commodity price fluctuations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">uncertainty as to estimates of capital costs, operating costs, production
and economic returns;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to our ability to commence production and generate material
revenues or obtain adequate financing for our planned exploration and development activities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks and uncertainties relating to the interpretation of drill results,
the geology, grade and continuity of our mineral deposits;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">mining and development risks, including risks related to infrastructure,
accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with or interruptions in development, construction
or production;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to inclement weather which may delay or hinder exploration
activities at its mineral properties;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to market events and general economic conditions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to governmental regulation and permits, including environmental
regulation, including the risk that more stringent requirements or standards may be adopted or applied due to circumstances unrelated
to the Company and outside of its control;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the risk that permits and governmental approvals necessary to develop
and operate mines at our mineral properties will not be available on a timely basis or at all;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to the need for reclamation activities on our properties
and uncertainty of cost estimates related thereto;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">uncertainty related to title to our mineral properties;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to the acquisition and integration of operations or
projects;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our history of losses and expectation of future losses;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to increases in demand for equipment, skilled labor
and services needed for exploration and development of mineral properties, and related cost increases;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our need to attract and retain qualified management and technical
personnel;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to conflicts of interests of some of our directors;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to potential future litigation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to the voting power of our major shareholders and the
impact that a sale by such shareholders may have on our share price;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to global climate change;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to adverse publicity from non-governmental organizations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">uncertainty as to our ability to maintain the adequacy of internal
control over financial reporting as per the requirements of Section 404 of the Sarbanes-Oxley Act (&ldquo;SOX&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">increased regulatory compliance costs, associated with rules and regulations
promulgated by the SEC, Canadian Securities Administrators, the NYSE American, the TSX, and the Financial Accounting Standards
Boards, and more specifically, our efforts to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (&ldquo;Dodd-Frank&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">adverse federal income tax consequences for U.S. shareholders should
the Company be a passive foreign investment company;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to future sales or issuances of equity securities decreasing
the value of our Common Shares, diluting voting power and reducing future earnings per share;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">uncertainty as to the volatility in the price of the Company&rsquo;s
shares; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the Company&rsquo;s expectation of not paying cash dividends.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">This list
is not exhaustive of the factors that may affect any of our forward-looking statements. Forward-looking statements are statements
about the future and are inherently uncertain, and our actual achievements or other future events or conditions may differ materially
from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including,
without limitation, those referred to in this Prospectus under the heading &ldquo;Risk Factors&rdquo; and in the documents incorporated
by reference in this Prospectus. All forward-looking statements contained in this Prospectus or in the documents incorporated
by reference herein are qualified by these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Our forward-looking statements
are based on the beliefs, expectations and opinions of management on the date the statements are made. In connection with the
forward-looking statements contained in this Prospectus and the documents incorporated, or deemed to be incorporated, by reference,
we have made certain assumptions about our business, including about</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to achieve production at our Arctic and Bornite Projects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         accuracy of our mineral resource estimates;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         results, costs and timing of future exploration, drilling and engineering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">timing
                                         and receipt of approvals, consents and permits under applicable legislation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         adequacy of our financial resources;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         receipt of third party contractual, regulatory and governmental approvals for the exploration,
                                         development, construction and production of our properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         expected ability to develop adequate infrastructure and that the cost of doing so will
                                         be reasonable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there
                                         being no significant disruptions affecting operations, whether relating to labor, supply,
                                         power, damage to equipment or other matter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expected
                                         trends and specific assumptions regarding metal prices and currency exchange rates; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">prices
                                         for and availability of fuel, electricity, parts and equipment and other key supplies
                                         remaining consistent with current levels.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">We have also assumed
that no significant events will occur outside of our normal course of business. Although we have attempted to identify important
factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. We believe that
the assumptions inherent in the forward-looking statements are reasonable as of the date of this Prospectus, however forward-looking
statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due
to the inherent uncertainty therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">We do not assume any
obligation to update forward-looking statements if circumstances or management&rsquo;s beliefs, expectations or opinions should
change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_005"></A>Exchange
Rate Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth (i) the
rate of exchange for the U.S. dollar, expressed in Canadian dollars, in effect at the end of the periods indicated; (ii) the average
exchange rates for the U.S. dollar, on the last day of each month during such periods; and (iii) the high and low exchange rates
for the U.S. dollar, expressed in Canadian dollars, during such periods, each based on the Bank of Canada rate in effect on each
trading day for the relevant period, for conversion of U.S. dollars into Canadian dollars:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="font-weight: bold; text-align: center">Fiscal Year Ended<BR>
    November 30</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center">Nine Months Ended<BR>
    August 31, 2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; text-align: left">High for period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1.4589</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1.3413</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1.1427</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1.3743</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Low for period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0577</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2447</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Average for period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2619</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0971</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3169</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Rate at end of period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1427</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2536</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On November 16, 2017, the exchange
rate for the U.S. dollar, as expressed in Canadian dollars based on the Bank of Canada average daily rate, was $1.00 per Cdn$1.2745. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_006"></A>The
Company</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description of the
Company is, in some instances, derived from selected information about us contained in the documents incorporated by reference
into this Prospectus. This description does not contain all of the information about us and our properties and business that you
should consider before investing in any Securities. You should carefully read the entire Prospectus and the applicable Prospectus
Supplement, including the section titled &ldquo;Risk Factors&rdquo; that immediately follows this description of the Company, as
well as the documents incorporated by reference into this Prospectus and the applicable Prospectus Supplement, before making an
investment decision.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Corporate Structure</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Name, address
and incorporation</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trilogy Metals Inc. was incorporated on
April 27, 2011 under the name NovaCopper Inc. pursuant to the terms of the <I>Business Corporations Act </I>(British Columbia)
(&ldquo;BCBCA&rdquo;). NovaCopper Inc. changed its name to Trilogy Metals Inc. on September 1, 2016 to better reflect its diversified
metals resource base. Our registered office is located at Suite 2600, Three Bentall Centre, 595 Burrard Street, Vancouver, British
Columbia, and our head office is located at Suite 1150, 609 Granville Street, Vancouver, British Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Intercorporate
relationships</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">The following chart depicts our corporate structure together with the jurisdiction of incorporation of
our subsidiary. All ownership is 100%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Description of the Business</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal business is the exploration
and development of our Upper Kobuk Mineral Projects located in the Ambler mining district in Northwest Alaska, United States which
comprises (i) the Arctic Project, which contains the high-grade polymetallic volcanogenic massive sulfide deposit located on the
Ambler lands (&ldquo;Arctic Project&rdquo;); and (ii) the Bornite Project, which contains a carbonate-hosted copper deposit (&ldquo;Bornite
Project&rdquo;). Our goals include expanding mineral resources and advancing our projects through technical, engineering and feasibility
studies so that production decisions can be made on those projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recent Developments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"><I>Filing
of the Amended NI 43-101 Technical Report on the Bornite Project, Northwest Alaska, USA</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 12, 2017, the Company filed
with the securities regulatory authorities in each of the provinces of Canada, an amended technical report for the Bornite Project
entitled &ldquo;Amended NI 43-101 Technical Report on the Bornite Project, Northwest Alaska, USA&rdquo; dated October 12, 2017
with an effective date of April 19, 2016 (the &ldquo;<B>2017 Bornite Report</B>&rdquo;) prepared by Bruce Davis, FAUSIMM, Robert
Sim, P.Geo., and Jeff Austin, P.Eng, all of whom are &ldquo;Qualified Persons&rdquo; under National Instrument 43-101 &ndash;
<I>Standards of Disclosure for Mineral Projects </I>(&ldquo;<B>NI 43-101</B>&rdquo;) and are independent of the Company. The 2017
Bornite Report supersedes the Company&rsquo;s previous technical report on the Bornite Project entitled &ldquo;NI 43-101 Technical
Report on the Bornite Project, Northwest Alaska, USA&rdquo; dated May 16, 2016 and having an effective date of April 19, 2016
(the &ldquo;<B>2016 Bornite Report</B>&rdquo;) and reflects non-material changes made to the 2016 Bornite Report which were made
at the request of the British Columbia Securities Commission. The summary of the Bornite Project contained in the Company&rsquo;s
Form 10-K (as defined herein) remains accurate and complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Filing of the NI 43-101 Technical Report
on the Arctic Project, Northwest Alaska, USA </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 9, 2017, the Company filed
with the securities regulatory authorities in each of the provinces of Canada, a technical report for the Company&rsquo;s Arctic
Project entitled &ldquo;NI 43-101 Technical Report on the Arctic Project, Northwest Alaska, USA&rdquo; dated November 9, 2017
with an effective date of April 25, 2017 (the &ldquo;<B>Arctic Report</B>&rdquo;) prepared by Bruce Davis, Robert Sim and Jeff
Austin, all of whom are &ldquo;Qualified Persons&rdquo; under NI 43-101 and are independent of the Company. The resource estimate
included in the Arctic Report supersedes all previous resource estimates for the Arctic Project. See &ldquo;<I>The Arctic Project</I>&rdquo;.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Option Agreement
To Form Joint Venture with South32 Group Operations Pty Ltd.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 10, 2017, Trilogy entered into
an option agreement with NovaCopper US Inc. and South32 Group Operations Pty Ltd (&ldquo;South32 Operations&rdquo;), a wholly-owned
subsidiary of South32 Limited, which agreement was later assigned by South32 Operations to its affiliate, South32 USA Exploration
Inc. (together with South32 Operations, &ldquo;South32&rdquo;). The Agreement grants to South32 a three-year option to form a 50/50
joint venture with respect to Trilogy&rsquo;s Upper Kobuk Mineral Projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">South32 must contribute a minimum of US$10
million each year, for a maximum of three years, to keep the option in good standing (the &ldquo;Initial Funding&rdquo;). South32
may exercise its option at any time to form the 50/50 joint venture until the option expiration date. Provided that all the exploration
data and information related to approved programs has been made available to South32 by no later than December 31 of each year
in respect of the first two years, South32 must decide by January 31 of the following year whether; (i) to fund a further tranche
of a minimum of $10 million, or (ii) to withdraw and not provide any further annual funding. If the election to fund a further
tranche is not made in January, South32 has until the end of March to exercise the option to form the LLC and make the subscription
payment. If South32 elects to exercise the option, the subscription price less certain deductions for Initial Funding shall be
paid in one tranche within 45 business days. Should South32 not make its annual minimum payment or elect to withdraw, the option
will lapse and South32 will have no claim to ownership or to the funds it had already spent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to exercise its option to form
the joint venture, South32 must contribute a minimum of US$150 million, plus (i) any amounts Trilogy spends at the Arctic Project
over the next three years up to US$5 million per year, less the amount of the Initial Funding contributed by South32, and (ii)
US$5 million if the option is exercised between April 1, 2018 and March 31, 2019 or US$10 million if the option is exercised between
April 1, 2019 and the expiration date of the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">South32 has made the option payment for
the first year and the funds are being used for a US$10 million exploration program in 2017 at the Bornite Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_006a"></A>The
Arctic Project</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summary is derived from the
Arctic Report, and in some instances is a direct extract from, and based on the assumptions, qualifications and procedures set
out in, the Arctic Report. Such assumptions, qualifications and procedures are not fully described in this Prospectus and the
following summary does not purport to be a complete summary of the Arctic Report. Reference should be made to the full text of
the Arctic Report which is available on the Company&rsquo;s website (<U>https://trilogymetals.com/</U>) and has been filed with
the securities regulatory authorities in each of the provinces of Canada on SEDAR (www.sedar.com).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Project Description, Location and
Access</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Location</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Arctic Property is located in the Ambler
mining district of the southern Brooks Range, in the NWAB of Alaska. The Arctic Property is located in Ambler River A-2 quadrangle,
Kateel River Meridian T 20N, R 11E, section 2 and T 21N, R 11E, sections 34 and 35.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Arctic Project is located 270 km east
of the town of Kotzebue, 37 km northeast of the village of Kobuk, and 260 km west of the Dalton Highway, an all-weather state
maintained public road, at geographic coordinates N67.17&deg; latitude and W156.39&deg; longitude (Universal Transverse Mercator
(UTM) North American Datum (NAD) 83, Zone 4 coordinates 7453080N, 613110E).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Accessibility</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Air</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Primary access to the Arctic Property is
by air, using both fixed wing aircraft and helicopters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are four well maintained, approximately
1,500 m-long gravel airstrips located near the Arctic Property, capable of accommodating charter fixed wing aircraft. These airstrips
are located 64 km west at Ambler, 46 km southwest at Shungnak, 37 km southwest at Kobuk, and 34 km southwest at Dahl Creek. There
is daily commercial air service from Kotzebue to the village of Kobuk, the closest community to the Arctic Property. During the
summer months, the Dahl Creek Camp airstrip is suitable for larger aircraft, such as a C-130 and DC-6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the four 1,500 m airstrips,
there is a 700 m airstrip located at the Bornite Camp. The airstrip at Bornite is suited to smaller aircraft, which support the
Bornite Camp with personnel and supplies. There is also a 450m airstrip (&ldquo;<B>Arctic Airstrip</B>&rdquo;) located at the
base of Arctic ridge that is suited to support smaller aircraft.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Water</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is no direct water access to the
Arctic Property. During spring runoff, river access is possible by barge from Kotzebue Sound to Ambler, Shungnak, and Kobuk via
the Kobuk River.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A winter trail and a one-lane dirt track
suitable for high-clearance vehicles or construction equipment links the Arctic Project&rsquo;s main camp located at Bornite to
the 1525m Dahl Creek airstrip southwest of the Arctic Deposit. An unimproved gravel track connects the Arctic Airstrip with the
Arctic Deposit.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Mineral Tenure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Arctic Property comprises approximately
46,226 ha of State of Alaska mining claims and US Federal patented mining claims in the Kotzebue Recording District. The Arctic
Project land tenure consists of 1,386 contiguous claims, including 883 40-acre State claims, 503 160-acre State claims, and eighteen
Federal patented claims comprising 272 acres (110 ha) held in the name of NovaCopper US Inc., a wholly owned subsidiary of Trilogy.
The Arctic Project is located near the southern edge of the centre of the claim block. The Federal patented claim corners were
located by the US Geological Survey. There is no expiration date or labour requirement on the Federal patented claims. Rent for
each State claim is paid annually to the Alaska Department of Natural Resources. An Annual Labour Statement must be submitted
annually to maintain the State claims in good standing.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Royalties,
Agreements and Encumbrances</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Kennecott Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 22, 2004, Alaska Gold Company,
a wholly-owned subsidiary of NovaGold Resources Inc. (&ldquo;<B>NovaGold</B>&rdquo;) completed an Exploration and Option to Earn
an Interest Agreement with Kennecott Exploration Company and Kennecott Arctic Company (collectively, &ldquo;<B>Kennecott</B>&rdquo;)
on the Ambler land holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 18, 2009, a Purchase and Termination
Agreement was entered into between Alaska Gold Company and Kennecott whereby NovaGold agreed to pay Kennecott a total purchase
price of $29 million for a 100% interest in the Ambler land holdings, which included the Arctic Project, to be paid as: $5 million
by issuing 931,098 NovaGold shares, and two installments of $12 million each, due 12 months and 24 months from the closing date
of January 7, 2010. The NovaGold shares were issued in January 2010, the first $12 million payment was made on January 7, 2011,
and the second $12 million payment was made in advance on August 5, 2011; this terminated the March 22, 2004 exploration agreement
between NovaGold and Kennecott. Under the Purchase and Termination Agreement, the seller retained a 1% net smelter return (&ldquo;<B>NSR</B>&rdquo;)
royalty that is purchasable at any time by the land owner for a one-time payment of $10 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2011, NovaGold incorporated NovaCopper
US Inc. and transferred its Ambler land holdings, including the Arctic Project, from Alaska Gold Company to NovaCopper US Inc.
In April 2012, NovaGold completed a spin-out of NovaCopper Inc., a publicly traded company listed on the TSX and NYSE-MKT stock
exchanges and owned by the same shareholders as NovaGold. In September of 2016, NovaCopper Inc. changed its name to Trilogy Metals
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;<FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NANA Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 1971, the US Congress passed the Alaska
Native Claims Settlement Act (&ldquo;<B>ANCSA</B>&rdquo;) which settled land and financial claims made by the Alaska Natives and
provided for the establishment of 13 regional corporations to administer those claims. These 13 corporations are known as the
Alaska Native Regional Corporations. One of these 13 regional corporations is the Northwest Alaska Native Association Regional
Corporation, Inc. (&ldquo;<B>NANA</B>&rdquo;). ANCSA Lands controlled by NANA bound the southern border of the Arctic Property
claim block. National Park lands are within 25 km of the northern property border.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On October 19, 2011, Trilogy and NANA
Regional Corporation, Inc. entered into an Exploration Agreement and Option to Lease (the &ldquo;<B>NANA Agreement</B>&rdquo;)
for the cooperative development of their respective resource interests in the Ambler mining district. The NANA Agreement consolidates
Trilogy&rsquo;s and NANA&rsquo;s land holdings and provides a framework for the exploration and development of the area. The NANA
Agreement provides that NANA will grant Trilogy the nonexclusive right to enter on, and the exclusive right to explore, the Bornite
Lands and the ANCSA Lands (each as defined in the NANA Agreement) and in connection therewith, to construct and utilize temporary
access roads, camps, airstrips and other incidental works. The NANA Agreement has a term of 20 years, with an option in favour
of Trilogy to extend the term for an additional 10 years. The NANA Agreement may be terminated by mutual agreement of the parties
or by NANA if Trilogy does not meet certain expenditure requirements on NANA&rsquo;s lands. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If, following receipt of a feasibility
study and the release for public comment of a related draft environmental impact statement, Trilogy decides to proceed with construction
of a mine on the lands subject to the NANA Agreement, Trilogy will notify NANA in writing and NANA will have 120 days to elect
to either (a) exercise a non-transferrable back-in-right to acquire between 16% and 25% (as specified by NANA) of that specific
project; or (b) not exercise its back-in-right, and instead receive a net proceeds royalty equal to 15% of the net proceeds realized
by Trilogy from such project. The cost to exercise such back-in-right is equal to the percentage interest in the Project multiplied
by the difference between (i) all costs incurred by Trilogy or its affiliates on the project, including historical costs incurred
prior to the date of the NANA Agreement together with interest on the historical costs; and (ii) $40 million (subject to exceptions).
This amount will be payable by NANA to Trilogy in cash at the time the parties enter into a joint venture agreement and in no
event will the amount be less than zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event that NANA elects to exercise
its back-in-right, the parties will, as soon as reasonably practicable, form a joint venture with NANA electing to participate
between 16% to 25%, and Trilogy owning the balance of the interest in the joint venture. Upon formation of the joint venture,
the joint venture will assume all of the obligations of Trilogy and be entitled to all the benefits of Trilogy under the NANA
Agreement in connection with the mine to be developed and the related lands. A party&rsquo;s failure to pay its proportionate
share of costs in connection with the joint venture will result in dilution of its interest. Each party will have a right of first
refusal over any proposed transfer of the other party&rsquo;s interest in the joint venture other than to an affiliate or for
the purposes of granting security. A transfer by either party of an NSR return on the project or any net proceeds royalty interest
in a project other than for financing purposes will also be subject to a first right of refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with possible development
on the Bornite Lands or ANCSA Lands, Trilogy and NANA will execute a mining lease to allow Trilogy or the joint venture to construct
and operate a mine on the Bornite Lands or ANCSA Lands. These leases will provide NANA a 2% NSR as to production from the Bornite
Lands and a 2.5% NSR as to production from the ANCSA Lands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If Trilogy decides to proceed with construction
of a mine on its own lands subject to the NANA Agreement, NANA will enter into a surface use agreement with Trilogy which will
afford Trilogy access to the project along routes approved by NANA. In consideration for the grant of such surface use rights,
Trilogy will grant NANA a 1% NSR on production and an annual payment of $755 per acre (as adjusted for inflation each year beginning
with the second anniversary of the effective date of the NANA Agreement and for each of the first 400 acres (and $100 for each
additional acre) of the lands owned by NANA and used for access which are disturbed and not reclaimed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">History</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prospectors first arrived in the Ambler
District around 1900, shortly after the discovery of the Nome and Fairbanks gold districts. Several small gold placer deposits
were located in the southern Cosmos Hills south of the Arctic Deposit and worked intermittently over the next few years. During
this time copper mineralization was observed at Ruby Creek in the northern Cosmos Hills; however, no exploration was undertaken
until 1947 when local prospector Rhinehart &ldquo;Rhiny&rdquo; Berg located outcropping mineralization along Ruby Creek. Berg
subsequently staked claims over the Ruby Creek showings and constructed an airstrip for access.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Bear Creek Mining Company (&ldquo;<B>BCMC</B>&rdquo;),
an exploration subsidiary of Kennecott, optioned the property from Berg in 1957. The prospect became known as Bornite and Kennecott
conducted extensive exploration over the next decade, culminating in the discovery of the high-grade No. 1 orebody and the sinking
of an exploration shaft to conduct underground drilling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In conjunction with the discovery of the
Bornite Deposit, BCMC greatly expanded their regional reconnaissance exploration in the Cosmos Hills and the southern Brooks Range.
Stream silt sampling in 1966 revealed a significant copper anomaly in Arctic Creek roughly 27 km northeast of Bornite. The area
was subsequently staked and, in 1967, eight core holes were drilled at the Arctic Deposit yielding impressive massive sulphide
intercepts over an almost 500-m strike length.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">BCMC conducted intensive exploration on
the property until 1977 and then intermittently through 1998. No drilling or additional exploration was conducted on the Arctic
Project between 1998 and 2004.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to drilling and exploration
at the Arctic Deposit, BCMC also conducted exploration at numerous other prospects in the Ambler District (most notably Dead Creek,
Sunshine, Cliff, and Horse). The abundance of volcanogenic massive sulphide (&ldquo;<B>VMS</B>&rdquo;) prospects in the district
resulted in a series of competing companies, including Sunshine Mining Company, Anaconda, Noranda, Teck Cominco, Resource Associates
of Alaska (&ldquo;<B>RAA</B>&rdquo;), Watts, Griffis and McOuat Ltd., and Houston Oil and Minerals Company, culminating into a
claim staking war in the district in 1973.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">District exploration by Sunshine Mining
Company and Anaconda resulted in two additional significant discoveries in the district; the Sun Deposit located 60 km east of
the Arctic Deposit, and the Smucker Deposit located 36 km west of the Arctic Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">District exploration continued until the
early 1980s on the four larger deposits in the district (Arctic, Bornite, Smucker and Sun) when the district fell into a hiatus
due to depressed metal prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 1987, Cominco acquired the claims covering
the Sun and Smucker deposits from Anaconda. Teck Resources Ltd., as Cominco&rsquo;s successor company, continues to hold the Smucker
Deposit. In 2007, Andover Mining Corporation purchased a 100% interest in the Sun Deposit for US$13 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 1981 and 1983, Kennecott received three
US Mineral Survey patents (MS2245 totalling 240 acres over the Arctic Deposit &ndash; later amended to include another 32 acres;
and MS2233 and MS2234 for 25 claims totalling 516.5 acres at Bornite). The Bornite patented claims and surface development were
subsequently sold to NANA Regional Corporation, Inc. in 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No production has occurred at the Arctic
Deposit or at any of the other deposits within the Ambler District.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Prior Ownership
and Ownership Changes &ndash; Arctic Deposit and the Ambler Lands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">BCMC initially staked federal mining claims
covering the Arctic Deposit area beginning in 1965. The success of the 1960&rsquo;s drill programs defined a significant high-grade
polymetallic resource at the Arctic Deposit and, in the early 1970s, Kennecott began the patent process to obtain complete legal
title to the Arctic Deposit. In 1981, Kennecott received US Mineral Survey patent M2245 covering 16 mining claims totalling 240.018
acres. In 1983, US Mineral Survey patent M2245 was amended to include two additional claims totalling 31.91 acres.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With the passage of the Alaska National
Interest Lands Conservation Act in 1980, which expedited native land claims outlined in the ANSCA and state lands claims under
the Alaska Statehood Act, both the state of Alaska and NANA selected significant areas of land within the Ambler District. State
selections covered much of the Ambler schist belt, host to the VMS deposits including the Arctic Deposit, while NANA selected
significant portions of the Ambler Lowlands to the immediate south of the Arctic Deposit as well as much of the Cosmos Hills including
the area immediately around Bornite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 1995, Kennecott renewed exploration
in the Ambler schist belt containing the Arctic Deposit patented claims by staking an additional 48 state claims at Nora and 15
state claims at Sunshine Creek. In the fall of 1997, Kennecott staked 2,035 state claims in the belt consolidating their entire
land position and acquiring the majority of the remaining prospective terrain in the VMS belt. Five more claims were subsequently
added in 1998. After a short period of exploration which focused on geophysics and geochemistry combined with limited drilling,
exploration work on the Arctic Project again entered a hiatus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 22, 2004, Alaska Gold Company,
a wholly-owned subsidiary of NovaGold completed an Exploration and Option Agreement with Kennecott to earn an interest in the
Ambler land holdings.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Previous
Exploration and Development Results &ndash; Arctic Deposit</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Introduction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kennecott&rsquo;s tenure at the Arctic
Project saw two periods of intensive work from 1965 to 1985 and from 1993 to 1998, before optioning the property to NovaGold in
2004.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Though abundant reports, memos, and files
exist in Kennecott&rsquo;s Salt Lake City office, only limited digital compilation of the data exists for the earliest generation
of exploration at the Arctic Deposit and within the VMS belt. Beginning in 1993, Kennecott initiated a re-evaluation of the Arctic
Deposit and assembled a computer database of previous work at the Arctic Deposit and in the district. A new computer-generated
block model was constructed in 1995 and an updated resource of the deposit was calculated from the block model. Subsequently,
Kennecott staked a total of 2,035 State of Alaska claims in 1997 and, in 1998 undertook the first field program since 1985.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to the plethora of companies and the
patchwork exploration that occurred as a result of the 1973 staking war, much of the earliest exploration work on what now constitutes
the Ambler Schist belt was lost during the post-1980 hiatus in district exploration. The following subsections outline the best
documented data at the Arctic Deposit as summarized in the 1998 Kennecott exploration report, including the assembled computer
database; however, this outline is not considered to be either exhaustive or in-depth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 1982, geologists with Kennecott, Anaconda
and the State of Alaska published the definitive geologic map of the Ambler schist belt.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Geochemistry</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Historic geochemistry for the district,
compiled in the 1998 Kennecott database, includes 2,255 soil samples, 922 stream silt samples, 363 rock samples, and 37 panned
concentrate samples. Data has been sourced from several companies including Kennecott, Sunshine Mining, RAA, and NANA. Sourcing
of much of the data had been poorly documented in the database.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 1998, Kennecott renewed its effort
in the district, and, as a follow-up to the 1998 electromagnetic (&ldquo;<B>EM</B>&rdquo;) survey, undertook soil and rock chip
sampling in and around EM anomalies generated in the geophysical targeting effort. During this period Kennecott collected 962
soils and 107 rocks and for the first time used extensive multi-element inductively coupled plasma (&ldquo;<B>ICP</B>&rdquo;)
analysis.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Geophysics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to 1998, Kennecott conducted a series
of geophysical surveys which are poorly documented or are unavailable to Trilogy. With the renewed interest in the belt, Kennecott
mounted a largely geophysically driven program to assess the district for Arctic-sized targets. Based on an initial review of
earlier geophysical techniques employed at the Arctic Deposit, Kennecott initiated an extensive helicopter-supported airborne
EM and magnetic survey covering the entire VMS belt in March 1998. The survey was conducted on 400 m line spacing with selective
200 m line spacing at the Arctic Deposit and covered 2,509 total line kilometres. The Arctic Deposit presented a strong 900 Hz
EM conductive signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Forty-six additional discrete EM conductors
were identified, of which, 17 were further evaluated in the field. Eight of the EM anomalies were coincident with anomalous geochemistry
and prospective geology, and were deemed to have significant potential for mineralization. As a follow-up, each anomaly was located
on the ground using a Maxmin 2 horizontal loop EM system. Gravity lines were subsequently completed utilizing a LaCoste and Romberg
Model G gravimeter over each of the eight anomalies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the EM and gravity surveys
in 1998, five lines of Controlled Source Audio Magnetotelluric (&ldquo;<B>CSAMT</B>&rdquo;) data were collected in the Arctic
Valley. The Arctic Deposit showed an equally strong conductive response in the CSAMT data as was seen in the EM data. As a result
of the survey, Kennecott recommended additional CSAMT for the deposit area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Field targeting work in 1998 prompted Kennecott
to drill two exploration holes on anomaly 98-3, located approximately 6 km northwest of the Arctic Deposit and 2 km east-northeast
of the Dead Creek prospect. Hole 98-03-01 was drilled to test the sub-cropping gossan and was roughly coincident with the centre
of the geophysical anomaly as defined by airborne and ground EM data. Scattered mineralization was encountered throughout the
hole with intervals of chalcopyrite and sphalerite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the results of the 1998 geophysical
program, Kennecott made the following recommendations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">anomaly
                                         98-3 requires further drilling;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">anomalies
                                         98-7 and 98-22 are drill ready; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">anomalies
                                         98-8, -9, -14, -35, and -38 require additional ground targeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kennecott conducted no further field exploration
in the district after 1998 and subsequently optioned the property to NovaGold in 2004.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Drilling</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Between 1967 and July 1985, Kennecott (BCMC)
completed 86 holes (including 14 large diameter metallurgical test holes) totalling 16,080 m. In 1998, Kennecott drilled an additional
6 core holes totalling 1,492 m to test for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">extensions
                                         of the known Arctic resource;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">grade
                                         and thickness continuity; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">EM
                                         anomaly 98-3.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Drilling for all BCMC/Kennecott campaigns
in the Arctic Deposit area (1966 to 1998) totals 92 core holes for a combined 17,572 m. A complete and comprehensive discussion
of the all the drilling undertaken at the Arctic Deposit is contained under the heading &ldquo;<I>The Arctic Project &ndash; Drilling</I>&rdquo;.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Specific Gravity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to 1998, no specific gravity (&ldquo;<B>SG</B>&rdquo;)
measurements were available for the Arctic Deposit rocks. A &ldquo;factored&rdquo; average bulk density was used to calculate
a tonnage factor for resource estimations. A total of 38 samples from the 1998 drilling at the Arctic Deposit were measured for
SG determinations. This included six samples of unaltered metavolcanics, ten samples of graphitic schist and talc schist lithology,
seven samples of semi-massive sulfide (&ldquo;<B>SMS</B>&rdquo;), and fifteen samples of massive sulfide (&ldquo;<B>MS</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A complete and comprehensive discussion
of SG determinations captured during both the Kennecott and Trilogy/NovaGold tenures are discussed under the headings &ldquo;<I>The
Arctic Project &ndash; Sampling, Analysis and Data Verification</I>&rdquo; and &ldquo;<I>The Arctic Project &ndash; Mineral Resource
Estimate</I>&rdquo;.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Petrology, Mineralogy
and Research Studies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There have been numerous internal studies
done by Kennecott on the petrology and mineralogy of the Arctic Deposit that exist as internal memos, file notes, and reports
from as early as 1967, as well as several academic studies.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Geotechnical,
Hydrological and Acid-Base Accounting Studies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A series of geotechnical, hydrological
and acid-base accounting (&ldquo;<B>ABA</B>&rdquo;) studies were conducted by Kennecott before their divestiture of the Arctic
Project to NovaGold.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Geotechnical Studies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 1998, URSA Engineering prepared
a geotechnical study for Kennecott titled &ldquo;Arctic Project &ndash; 1998 Rock Mass Characterization&rdquo;. Though general
in scope, the report summarized some of the basic rock characteristics as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Compressive
                                         strengths average 6,500 psi for the quartz mica schists, 14,500 psi for the graphitic
                                         schists, and 4,000 psi for talc schists.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Rock
                                         mass quality can be described as average to good quality, massive with continuous jointing
                                         except the talc schist, which was characterized as poor quality. The rock mass rating
                                         averages 40 to 50 for most units except the talc schist which averages 30.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Hydrological Studies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 1998, Robertson Geoconsultants Inc.
(&ldquo;<B>Robertson</B>&rdquo;) of Vancouver prepared a report for Kennecott titled &ldquo;Initial Assessment of Geochemical
and Hydrological Conditions at Kennecott&rsquo;s Arctic Project&rdquo;. The report presented the results of the acid generation
potential of mine waste and wall rock for the Arctic Project in the context of a hydrological assessment of the climate, hydrology
and water balance analyses at the Arctic Deposit. Climatic studies at the time were limited to regional analyses as no climatic
data had been collected at the Arctic Project site prior to the review. Regional data, most specifically a government installed
gauging station about 20 miles to the southwest at Dahl Creek, provided information in assessing the hydrology of the Arctic Project
at the time. A total of nine regional gauges were utilized to evaluate the overall potential runoff in the area.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Acid-Base Accounting
Studies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 1998 Robertson study documented acid-base
accounting results based on the selection of 60 representative core samples from the deposit. Results of the study are summarized
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Roughly
                                         70% of the waste rock material was deemed to be potentially acid generating.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mitigation
                                         of the acid generating capacity could be affected by submersion of the waste rock. Mitigation
                                         of the high wall and pit geometries would make potential pit flooding unlikely and could
                                         present a long term mitigation issue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Characteristics
                                         of the mine tailings were not assessed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Based
                                         on the study, Robertson recommended underground mining scenarios, or aggressive study
                                         including site water balance.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>Historical
Mineral Resource Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For more information about the prior exploration,
including the type, amount and results of any exploration work undertaken by previous owners at the Arctic Project and a summary
of historical mineral resource estimates, please see the full text of the Arctic Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Geological Setting, Mineralization and
Deposit Types</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regional
Geology &ndash; Southern Brooks Range</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Ambler District occurs along the southern
margin of Brooks Range within an east-west trending zone of Devonian to Jurassic age submarine volcanic and sedimentary rocks.
The district covers both: 1) VMS-like deposits and prospects hosted in the Devonian age Ambler Sequence (or Ambler Schist belt),
a group of metamorphosed bimodal volcanic rocks with interbedded tuffaceous, graphitic and calcareous volcaniclastic metasediments;
and 2) epigenetic carbonate-hosted copper deposits occurring in Devonian age carbonate and phyllitic rocks of the Bornite Carbonate
Sequence. The Ambler Sequence occurs in the upper part of the Anirak Schist, the thickest member of the Schist belt or Coldfoot
subterrane (Moore et al. 1994). VMS-like stratabound mineralization can be found along the entire 110 km strike length of the
district. Immediately south of the Schist belt in the Cosmos Hills, a time equivalent section of the Anirak Schist includes the
approximately 1 km thick Bornite Carbonate Sequence. Mineralization of both the VMS-like deposits of the Schist belt and the carbonate-hosted
deposits of the Cosmos Hills has been dated at 375 to 387 Ma.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Ambler District is characterized
by increasing metamorphic grade north perpendicular to the strike of the east-west trending units. The district shows isoclinal
folding in the northern portion and thrust faulting to south. The Devonian to Late Jurassic age Angayucham basalt and the Triassic
to Jurassic age mafic volcanic rocks are in low-angle over thrust contact with various units of the Ambler Schist belt and Bornite
Carbonate Sequence along the northern edge of the Ambler Lowlands.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Terrane Descriptions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terminology of terranes in the southern
Brooks Range evolved during the 1980s because of the region&rsquo;s complex juxtaposition of rocks of various composition, age
and metamorphic grade. Certain studies have divided the Ambler District into the Ambler and Angayucham terranes. Recent work includes
the rocks of the previously defined Ambler terrane as part of the regionally extensive Schist belt or Coldfoot subterrane along
the southern flank of the Arctic Alaska terrane. In general, the southern Brooks Range is composed of east-west trending structurally
bound allochthons of variable metasedimentary and volcanogenic rocks of Paleozoic age.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Angayucham terrane, which lies along
southern margin of the Brooks Range, is locally preserved as a klippen within the eastern Cosmos Hills and is composed of weakly
metamorphosed to unmetamorphosed massive-to-pillowed basalt rocks with minor radiolarian cherts, marble lenses and isolated ultramafic
rocks. This package of Devonian to Late Jurassic age mafic and ultramafic rocks is interpreted to represent portions of an obducted
and structurally dismembered ophiolite that formed in an ocean basin south of the present day Brooks Range. Locally, the Angayucham
terrane overlies the schist belt to the north along a poorly exposed south-dipping structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gottschalk and Oldow (1988) describe the
Schist belt as a composite of structurally bound packages composed of dominantly greenschist facies rocks, including pelitic to
semi-pelitic quartz-mica schist with associated mafic schists, metagabbro and marbles. Locally, the Schist belt includes the middle
Devonian age Bornite Carbonate Sequence, the lower Paleozoic age Anirak pelitic, variably siliceous and graphic schists, and the
mineralized Devonian age Ambler sequence consisting of volcanogenic and siliciclastic rocks variably associated with marbles,
calc-schists, metabasites and mafic schists. The lithologic assemblage of the Schist belt is consistent with an extensional, epicontinental
tectonic origin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Structurally overlaying the Schist belt
to the north is the Central belt. The Central belt is in unconformable contact with the Schist belt along a north-dipping low-angle
structure. The Central belt consists of lower Paleozoic age metaclastic and carbonate rocks, and Proterozoic age schists. Both
the Central belt and Schist belt are intruded by meta-to-peraluminous orthogneisses, which locally yield a slightly discordant
U-Pb thermal ionization mass spectrometry zircon crystallization age of middle to late Devonian. This igneous protolith age is
supported by Devonian orthogneiss ages obtained along the Dalton Highway, 161 km to the east of the Ambler District.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Overlaying the Schist belt to the south
is the Phyllite belt, characterized in the Ambler mining district as phyllitic black carbonaceous schists of the Beaver Creek
Phyllite which is assumed to underlie much of the Ambler Lowlands between the Brooks Range and the Arctic Deposit to the north
and the Cosmos Hills and the Bornite Deposit to the south. The recessive weathering nature of the Beaver creek phyllite limits
the exposure but is assumed to occur as a thrust sheet overlying the main Schist belt rocks.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regional Tectonic
Setting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rocks exposed along the southern Brooks
Range consist of structurally bound imbricate allochthons that have experienced an intense and complex history of deformation
and metamorphism. Shortening in the fold and thrust belt has been estimated by some workers to exceed 500 km based on balanced
cross sections across the central Brooks Range. In general, the metamorphic grade and tectonism in the Brooks Range increases
to the south and is greatest in the Schist belt. The tectonic character and metamorphic grade decreases south of the Schist belt
in the overlaying Angayucham terrane.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the late Jurassic to early Cretaceous
age, the Schist belt experienced penetrative thrust-related deformation accompanied by recrystallization under high-pressure and
low-temperature metamorphic conditions. The northward directed compressional tectonics were likely related to crustal thickening
caused by obduction of the Angayucham ophiolitic section over a south-facing passive margin. Thermobarometry of schists from the
structurally deepest section of the northern Schist belt yield relict metamorphic temperatures of 475&deg;C, &plusmn;35&deg;C,
and pressures from 7.6 to 9.8 kb. Metamorphism in the schist belt grades from lowest greenschist facies in the southern Cosmos
Hills to upper greenschist facies, locally overprinting blueschist mineral assemblages in the northern belt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Compressional tectonics, which typically
place older rocks on younger, do not adequately explain the relationship of young, low-metamorphic-grade over older and higher-grade
metamorphic rocks observed in the southern Brooks Range hinterland. Mull (1982) interpreted the Schist belt as a late antiformal
uplift of the basement to the fold and thrust belt. More recent models propose that the uplift of the structurally deep Schist
belt occurred along duplexed, north-directed, thin-skinned thrust faults, followed by post-compressional south-dipping low angle
normal faults along the south flank of the Schist belt, accommodating for an over-steepened imbricate thrust stack. Rapid cooling
and exhumation of the Schist belt began at the end of the early Cretaceous age at 105 to 103 Ma, based on Ar40/Ar39 cooling ages
of hornblende and white mica near Mount Igikpak, and lasted only a few million years. Additional post-extension compressive events
during the Paleocene age further complicate the southern Brooks Range.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Ambler Sequence
Geology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rocks that form the Ambler Sequence consist
of a lithologically diverse sequence of lower Paleozoic Devonian age carbonate and siliciclastic strata with interlayered mafic
lava flows and sills. The clastic strata, derived from terrigenous continental and volcanic sources, were deposited primarily
by mass-gravity flow into the sub-wavebase environment of an extending marginal basin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Ambler Sequence underwent two periods
of intense, penetrative deformation. Sustained upper greenschist-facies metamorphism with coincident formation of a penetrative
schistosity and isoclinal transposition of bedding marks the first deformation period. Pervasive similar-style folds on all scales
deform the transposed bedding and schistosity, defining the subsequent event. At least two later non-penetrative compressional
events deform these earlier fabrics. Observations of the structural and metamorphic history of the Ambler District are consistent
with current tectonic evolution models for the Schist belt, based on the work of others elsewhere in the southern Brooks Range.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;<FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">General Stratigraphy
of the Ambler Sequence</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Though the Ambler Sequence is exposed over
110 km of strike length, descriptions and comments herein will refer to an area between the Kogoluktuk River on the east and the
Shungnak River on the west where Trilogy has focused the majority of its exploration efforts over the last decade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The local base of the Ambler Sequence consists
of variably metamorphosed carbonates historically referred to as the Gnurgle Gneiss. Trilogy interprets these strata as calc-turbidites,
perhaps deposited in a sub-wavebase environment adjacent to a carbonate bank. Calcareous schists overlie the Gnurgle Gneiss and
host sporadically distributed mafic sills and pillowed lavas. These fine-grained clastic strata indicate a progressively quieter
depositional environment up section, and the presence of pillowed lavas indicates a rifting, basinal environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Overlying these basal carbonates and pillowed
basalts is a section of predominantly fine-grained carbonaceous siliciclastic rocks which host a significant portion of the mineralization
in the district including the Arctic Deposit. This quiescent section indicates further isolation from a terrigenous source terrain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The section above the Arctic Deposit host
stratigraphy contains voluminous reworked silicic volcanic strata with the Button Schist at its base. The Button Schist is a regionally
continuous and distinctive albite porphyroblastic unit that serves as an excellent marker above the main mineralized stratigraphy.
The paucity of volcanically derived strata below the Arctic Deposit host section and abundance above indicates that the basin
and surrounding hinterlands underwent major tectonic reorganization during deposition of the Arctic Deposit section. Greywacke
sands that Trilogy interpret as channeled high-energy turbidites occur throughout the section but concentrate high in the local
stratigraphy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Several rock units show substantial change
in thickness and distribution in the vicinity of the Arctic Deposit that may have resulted from the basin architecture existing
at the time of deposition. Between the Arctic Ridge, geographically above the Arctic Deposit, and the Riley Ridge to the west
several significant differences have been documented including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         Gnurgle Gneiss is thickest in exposures along the northern extension of Arctic Ridge
                                         and appears to thin to the west.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mafic
                                         lavas and sills thicken from east to west. They show thick occurrences in upper Subarctic
                                         Creek and to the west, but are sparsely distributed to the east.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         quartzite section within and above the Arctic sulphide horizon does not occur in abundance
                                         east of Arctic Ridge; it is thicker and occurs voluminously to the west.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Button
                                         Schist thickens dramatically to the west from exposures on Arctic Ridge; exposures to
                                         the east are virtually nonexistent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Greywacke
                                         sands do not exist east of Subarctic Creek but occur in abundance as massive, channeled
                                         accumulations to the west, centered on Riley Ridge.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These data are interpreted by Trilogy to
define a generally north-northwest-trending depocentre through the central Ambler District. Volcanic debris flow occurrences described
below in concert with these formational changes suggest that the depocentre had a fault-controlled eastern margin. The basin deepened
to the west; the Riley Ridge section deposited along a high-energy axis, and the COU section lies to the west-southwest distally
from a depositional energy point of view. This original basin architecture appears to have controlled mineralization of the sulphide
systems at Arctic and Shungnak (Dead Creek), concentrating fluid flow along structures on the eastern basin margin.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Structural Framework
of the Ambler District</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the underlying pre-deformational
structural framework of the district suggested by the stratigraphic thickening of various facies around the Arctic Deposit, the
Ambler Sequence is deformed by two penetrative deformational events that significantly complicate the distribution and spatial
arrangement of the local stratigraphy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">F1 Deformation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The earliest penetrative deformation event
is associated with greenschist metamorphism and the development of regional schistosity. True isoclinal folds are developed and
fold noses typically are thickened. The most notable F1 fold is the Arctic antiform that defines the upper and lower limbs of
the Arctic Deposit. The fold closes along a north-northeast- trending fold axis roughly mimicking the trace of Subarctic Creek
and opening to the east. Importantly, the overturned lower limb implies that the permissive stratigraphy should be repeated on
a lower synformal isocline beneath the currently explored limbs and would connect with the permissive mineralized stratigraphy
to the northwest at Shungnak (Dead Creek).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">F2 Deformation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The earlier F1 schistosity is in turn deformed
by the F2 deformational event that resulted in the local development of an axial planar cleavage. The deformational event is well
defined throughout the Schist belt and results in a series of south verging open to moderately overturned folds that define a
series of east-west trending folds of similar vergence across the entire Schist belt stratigraphies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This event is likely temporarily related
to the emplacement of the Devonian Angayucham volcanics, the obducted Jurassic ophiolites and Cretaceous sediments over the Schist
belt stratigraphies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the earlier penetrative
deformation events, a series of poorly defined non-penetrative deformation likely as a consequence of Cretaceous extension are
seen as a series of warps or arches across the district.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The interplay between the complex local
stratigraphy, the isoclinal F1 event, the overturned south verging F2 event and the series of post-penetrative deformational events
makes district geological interpretation often extremely difficult at a local scale.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Arctic Deposit
Geology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Previous workers at the Arctic Deposit
describe three mineralized horizons at the Arctic Deposit: the Main Sulphide Horizon, the Upper South Horizon and the Warm Springs
Horizon. The Main Sulphide Horizon was further subdivided into three zones: the southeast zone, the central zone and the northwest
zone. Previous deposit modelling was grade-based resulting in numerous individual mineralized zones representing relatively thin
sulphide horizons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Recent work by Trilogy define the Arctic
Deposit as two or more discrete horizons of sulphide mineralization contained in a complexly deformed isoclinal fold with an upright
upper limb and an overturned lower limb hosting the main mineral resources. Nearby drilling suggests a third limb, an upright
lower limb, likely occurs beneath the currently explored stratigraphy.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Lithologies and
Lithologic Domain Descriptions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Historically, five lithologic groupings
have been utilized by Kennecott to describe the local stratigraphy of the deposit. These groupings include: 1) metarhyolite (Button
Schist) or porphyroblastic quartz feldspar porphyry and rhyolitic volcaniclastic and tuffaceous rocks; 2) quartz mica schists
composed of tuffaceous and volcaniclastic sediments; 3) graphitic schists composed of carbonaceous sedimentary rocks; 4) base
metal sulphide bearing schists; and 5) talc schists composed of talc altered volcanic and sedimentary rocks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal lithologic units captured
in logging and mapping by Trilogy are summarized and described in the following subsections, in broadly chronologically order
from oldest to youngest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Greenstone (GNST)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Greenstones are typically massive dark-green
amphibole- and garnet-bearing rocks, differentiated by their low quartz content and dark green color. Textural and colour similarities
along with similar garnet components and textures often cause confusion with some sedimentary greywackes within the Ambler Sequence
stratigraphy. Intervals of greenstone range up to 80 m in thickness and are identified as pillowed flows, sills and dikes. Multiple
ages of deposition are implied as both basal pillowed units are present as well as intrusive sill and dike-like bodies higher
in the local stratigraphy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Chlorite Schist (CHS)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This unit is likely alteration-related
but has been used for rocks where more than half of the sheet silicates are composed of chlorite. In the field, some samples of
chlorite schist showed a distinctive dark green to blue-green colour, but in drill core the chlorite schists commonly have lighter
green colour. Some intervals of chlorite schist are associated with talc-rich units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Talc Schist (TS)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Talc-bearing schists are often in contact
with chlorite-rich units and reflect units which contain trace to as much as 10% talc often occurring on partings. Like the chlorite
schist this unit is likely alteration related.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Black to Grey Schist
(GS)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Black or grey schists appear in many stratigraphic
locations particularly higher in the stratigraphy but principally constitute the mineralized permissive stratigraphy of the Arctic
Deposit lying immediately below the Button Schist (MRP). The unit is typically composed of muscovite, quartz, feldspar, graphite,
and sometimes chlorite, biotite or sulphides. The texture is phyllitic, variably crenulated, well-foliated and suggests a pelitic
protolith, likely deposited in a basin progressively filled with terrigenous fine sediment. This unit is host to the MS and SMS
horizons that constitute the Arctic Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Button Schist (MRP)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This rock type consists of quartz-muscovite-feldspar
schists with abundant distinctive 1 to 3 cm albite porphyroblasts of metamorphic origin and occasional 0.5 to 2 cm blue quartz
phenocrysts of likely igneous origin. The unit shows a commonly massive to weakly foliated texture, although locally the rocks
have a well-developed foliation with elongate feldspars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Quartz-Mica-(Feldspar)
Schist (QMS/QFMS)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This schistose rock contains variable proportions
of quartz, muscovite, and sometimes feldspar. Most contain high amounts of interstitial silica, and some have feldspar or quartz
porphyroblasts. The texture of the unit shows significant variability and likely represents both altered and texturally distinct
felsic tuffs and volcaniclastic lithologies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Volcanic Debris Flow
(DM)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This unit contains a range of unsorted,
matrix supported polylithic clasts including Button Schist occurring in black to dark grey, very fine-grained graphitic schist.
The unit occurs as lenses with other stratigraphies and likely represents local derived debris flows or slumps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Greywacke (GW)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This unit consists of massive green rocks
with quartz, chlorite, probably amphibole, feldspar, muscovite, and accessory garnet, biotite, and calcite/carbonate. Voluminous
accumulations of medium-grained greywacke occur within, but generally above, the quartz mica schist and are differentiated from
texturally similar greenstones by the presence of detrital quartz, fine-grained interbeds, graded bedding and flute casts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Lithogeochemistry of
Immobile Trace Elements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2007, work by NovaGold suggested that
many of the nondescript felsic metavolcanic lithologies were simply alteration and textural variants of the felsic rock units
and not adequately capturing true compositional lithological differences between units. Twelker (2008) demonstrated that the use
of lithogeochemistry utilizing immobile trace elements specifically Al2O3:TiO2 (aluminium oxide:titanium dioxide) ratios could
be used to effectively differentiate between different felsic volcanic and sedimentary suites of rocks at the Arctic Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Lithogeochemistry shows three major felsic
rock suites in the Arctic Deposit area: a rhyolite suite; and intermediate volcanic suite and a volcaniclastic suite. These suites
are partially in agreement with the logged lithology but in some instances show that alteration in texture and composition masked
actual lithologic differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Results of the lithogeochemistry have led
to a better understanding of the stratigraphic continuity of the various units and have been utilized to more accurately model
the lithologic domains of the Arctic Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Lithologic Domains</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Though a variety of detailed lithologies
are logged during data capture, Trilogy models the deposit area as two distinct units &ndash;an Upper Plate and Lower Plate separated
by the Warm Springs Fault. The Upper and Lower plates contain similar lithologic domains which are primarily defined by lithogeochemical
characteristics, but are also consistent with their respective acid-generating capacities and spatial distribution around the
fold axes, and include the following units: the Button Schist (a meta-rhyolite porphyry - MRP), aphanitic meta-rhyolite, a series
of felsic quartz mica schists, and carbonaceous schists of the Grey Schist unit. An alteration model has been built to adequately
characterize the chlorite and talc schists found within the deposit. The mineralization is modelled as eight distinct zones (Zones
1 &ndash; 8) found both in the Upper and Lower plates and range from MS to SMS layers.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 -0.5in; text-align: justify; text-indent: 0.5in">Structure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Earlier studies concluded mineralization
at the Arctic deposit was part of a normal stratigraphic sequence striking northeast and dipping gently southwest. Subsequent
reinterpretation by Kennecott in 1998 and 1999 suggested the entire Ambler Sequence at Arctic could be overturned. Proffett (1999)
reviewed the Arctic geology and suggested that a folded model with mineralization as part of an isoclinal anticline opening east
and closing west could account for the mapped and logged geology. His interpretation called for an F2 fold superimposed on a north-trending
F1 fabric.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Lindberg (2004) supported a folded model
similar to Proffett, though he felt the main fold at Arctic is northwest closing and southeast opening. Lindberg named this feature
the Arctic Antiform, and interpreted this structure to be an F1 fold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Lindberg believes the majority of folding
within the mineralized horizons occurs in the central part of the deposit within a southwest plunging &ldquo;cascade zone.&rdquo;
The increased thicknesses of mineralized intervals in this part of the property can in part be explained by the multiple folding
of two main mineralized horizons as opposed to numerous individual mineralized beds as shown in the 1995 geologic model. The cascade
zone appears to be confined to the upper sulphide limbs of the Arctic Antiform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Continuity drilling on closer spacing in
2008 across the &ldquo;cascade&rdquo; zone confirms the continuity of the two mineralized horizons but does not support the complexity
proposed by Lindberg. Dodd et al. (2004) suggested that some of the complexity might be related to minor thrusting. Results of
2006 mapping at Arctic supported the interpretation that an F2 fold event may fold the lower Button Schist back to the north under
the deposit in this area (Otto 2006). Deep drilling in 2007 just to the north of the deposit to test the concept drilled the appropriate
upright stratigraphy at depth. Though the target horizon was not reached due to the drill rig limitations the hole did encountered
significant mineralization below the Button Schist immediately above the sulphide-bearing permissive stratigraphy. That hole (AR07-110)
intersected roughly 35 m of anomalous mineralization including 0.45 m of 1.17% copper, 0.8% lead, 5.8% zinc, 49.7 g/t silver and
0.7 g/t gold.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Alteration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Three main zones of hydrothermal alteration
occurring at the Arctic Deposit have been defined:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A
                                         main chloritic zone occurring within the footwall of the deposit consisting of phengite
                                         and magnesium-chlorite.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A
                                         mixed alteration zone occurring below and lateral to sulphide mineralization consisting
                                         of phengite and phlogopite along with talc, calcite, dolomite and quartz.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A
                                         pyritic zone overlying the sulphide mineralization.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Field observations conducted by Trilogy
in 2004 and 2005 supported by logging and short wave infrared (&ldquo;<B>SWIR</B>&rdquo;) spectrometry only partially support
Schmidt&rsquo;s observations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Talc and magnesium chlorite are the dominant
alteration products associated with the sulphide-bearing horizons. Talc alteration grades downward and outward to mixed talc-magnesium
chlorite with minor phlogopite, into zones of dominantly magnesium chlorite, then into mixed magnesium chlorite-phengite with
outer phengite-albite zones of alteration. Thickness of alteration zones vary with stratigraphic interpretation, but tens of metres
for the outer zones is likely, as seen in phengite-albite exposures on the east side of Arctic Ridge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stratigraphically above the sulphide-bearing
horizons significant muscovite as paragonite is developed and results in a marked shift in sodium/magnesium (Na/Mg) ratios across
the sulphide bearing horizons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Visual and quantitative determination of
many of the alteration products is difficult at best due to their light colours and the well-developed micaceous habit of many
of the alteration species. Logging in general has poorly captured the alteration products and the SWIR methodology though far
more effective in capturing the presence or absence of various alteration minerals adds little in any quantitative assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Of particular note are the barium species
including barite, cymrite (a high-pressure Ba phyllosilicate), and Ba-bearing muscovite, phlogopite and biotite. These mineral
species are associated with both alteration and mineralization and demonstrate local remobilization during metamorphism. Though
little has been done to document their distribution, they do have a significant impact on bulk density measurements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additional discussion of the potential
impacts of barite is discussed under the headings &ldquo;<I>The Arctic Project &ndash; Sampling, Analysis and Data Verification</I>&rdquo;
and &ldquo;<I>The Arctic Project &ndash; Mineral Resource Estimate</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Talc is of particular importance at the
Arctic Deposit due to its potential negative impact on flotation characteristics during metallurgical processing as well as for
geotechnical pit slope stability. A great deal of effort has gone into modeling the distribution of talc and talc-chlorite units
throughout the deposit area; even zones as small as 10cm have been logged and mapped. The majority of the talc zones occur between
the upper, stratigraphically up-right zones and the lower, overturned zones. Significant metallurgical test work has demonstrated
that a talc pre-float eliminates talc from interfering with subsequent extraction and concentration of the base and precious metals
(See under the heading &ldquo;<I>The Arctic Project &ndash; Mineral Processing and Metallurgical Testing</I>&rdquo;). As for the
geotechnical stabilities, SRK has completed detailed studies and these will be included in future pit slope stability studies.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Arctic Deposit
Mineralization</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mineralization occurs as stratiform SMS
to MS beds within primarily graphitic schists and fine-grained quartz mica schists. The sulphide beds average 4 m in thickness
but vary from less than 1 m up to as much as 32 m in thickness. The sulfide mineralization occurs within eight modelled zones
lying along the upper and lower limbs of the Arctic isoclinal anticline. All of the zones are within an area of roughly 1 km<SUP>2
</SUP>with mineralization extending to a depth of approximately 250 m below the surface. There are five zones of MS and SMS that
occur at specific pseudo-stratigraphic levels which make up the bulk of the mineral resources. The other three zones also occur
at specific pseudo-stratigraphic levels, but are too discontinuous to confidently model as resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unlike more typical VMS deposits, mineralization
is not characterized by steep metal zonation or massive pyritic zones. Mineralization is dominantly sheet-like zones of base metal
sulphides with variable pyrite and only minor zonation usually on an extremely small scale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mineralization is predominately coarse-grained
sulphides consisting mainly of chalcopyrite, sphalerite, galena, tetrahedrite-tennantite, pyrite, arsenopyrite, and pyrrhotite.
Trace amounts of electrum are also present. Gangue minerals associated with the mineralized horizons include quartz, barite, white
mica, chlorite, stilpnomelane, talc, calcite, dolomite and cymrite.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Genesis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Historic interpretation of the genesis
of the Ambler Schist belt deposits have called for a syngenetic VMS origin with steep thermal gradients in and around seafloor
hydrothermal vents resulting in metal deposition due to the rapid cooling of chloride-complexed base metals. A variety of VMS
types have been well documented in the literature with the Ambler Schist belt deposits most similar to deposits associated with
bimodal felsic dominant volcanism related to incipient rifting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The majority of field observations broadly
support such a scenario at the Arctic Deposit and include: 1) the tectonic setting with Devonian volcanism in an evolving continental
rift; 2) the geologic setting with bimodal volcanics including pillow basalts and felsic volcanic tuffs; 3) an alteration assemblage
with well-defined magnesium-rich footwall alteration and sodium-rich hanging wall alteration; and 4) typical polymetallic base-metal
mineralization with massive and semi-massive sulphides.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;<FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Deposits
and Prospects</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the Arctic Deposit, numerous
other VMS-like occurrences are present on the Trilogy land package. The most notable of these occurrences are the Dead Creek (also
known as Shungnak), Sunshine, Cliff, Horse, Cobre and the Snow prospects to the west of the Arctic Deposit and the Red, Nora,
Tom-Tom and BT prospects to the east.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Deposit Types</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The mineralization at the Arctic Deposit
and at several other known occurrences within the Ambler Sequence stratigraphy of the Ambler District, consists of Devonian age,
polymetallic (zinc-copper-lead-silver-gold) VMS-like occurrences. VMS deposits are formed by and associated with sub-marine volcanic-related
hydrothermal events. These events are related to spreading centres such as fore arc, back arc or mid-ocean ridges. VMS deposits
are often stratiform accumulations of sulphide minerals that precipitate from hydrothermal fluids on or below the seafloor. These
deposits are found in association with volcanic, volcaniclastic and/or siliciclastic rocks. They are classified by their depositional
environment and associated proportions of mafic and/or felsic igneous rocks to sedimentary rocks. There are five general classifications
based on rock type and depositional environment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mafic
                                         rock dominated often with ophiolite sequences, often called Cyprus type.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Bimodal-mafic
                                         type with up to 25% felsic volcanic rocks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mafic-siliciclastic
                                         type with approximately equal parts mafic and siliciclastic rocks, which can have minor
                                         felsic rocks and are often called Besshi type.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Felsic-siliciclastic
                                         type with abundant felsic rocks, less than 10% mafic rocks and shale rich.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Bimodal-felsic
                                         type where felsic rocks are more abundant than mafic rocks with minor sedimentary rocks,
                                         also referred to as Kuroko type.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to any subsequent deformation and/or
metamorphism, these deposits are often bowl- or mound-shaped with stockworks and stringers of sulfide minerals found near vent
zones. These types of deposit exhibit an idealized zoning pattern as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Pyrite
                                         and chalcopyrite near vents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A
                                         halo around the vents consisting of chalcopyrite, sphalerite and pyrite.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A
                                         more distal zone of sphalerite and galena and metals such as manganese.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Increasing
                                         manganese with oxides such as hematite and chert more distal to the vent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Alteration halos associated with VMS deposits
often contain sericite, ankerite, chlorite, hematite and magnetite close to the VMS with weak sericite, carbonate, zeolite, prehnite
and chert more distal. These alteration assemblages and relationships are dependent on degree of post deposition deformation and
metamorphism. A modern analog of this type of deposit is found around fumaroles or black smokers in association with rift zones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the Ambler District, VMS-like mineralization
occurs in the Ambler Sequence schists over a strike length of approximately 110 km. These deposits are hosted in volcaniclastic,
siliciclastic and calcareous metasedimentary rocks interlayered with mafic and felsic metavolcanic rocks. Sulphide mineralization
occurs above the mafic metavolcanic rocks but below the Button schist, a distinctive district wide felsic unit characterized by
large K-feldspar porphyroblasts after relic phenocrysts. The presence of the mafic and felsic metavolcanic units is used as evidence
to suggest formation in a rift-related environment, possibly proximal to a continental margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A sulphide-smoker occurrence has been tentatively
identified near Dead Creek, northwest of the Arctic Deposit and suggests local hydrothermal venting during deposition. However,
the lack of stockworks and stringer-type mineralization at the Arctic Deposit suggest that the deposit may not be a proximal vent
type VMS. Although the deposit is stratiform in nature, it exhibits characteristics and textures common to replacement-style mineralization.
At least some of the mineralization may have formed as a diagenetic replacement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the Arctic Deposit, sulphides occur
as disseminated (&lt;30%), semi-massive (30 to 50% sulphide) to massive (greater than 50% sulphide) layers, typically dominated
by pyrite with substantial disseminated sphalerite and chalcopyrite and trace amounts of galena and tetrahedrite-tennantite. The
Arctic Deposit sulphide accumulation is thought to be stratigraphically correlative to those seen at the Dead Creek and Sunshine
deposits up to 12 km to the west.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is also an occurrence of epithermal
discordant vein and fracture hosted base metal (lead-zinc-copper) mineralization with significant fluorite mineralization identified
at the Red prospect in the Kogoluktuk Valley, east of the Arctic Deposit. Although not yet fully understood, the genesis of this
occurrence is considered to be related to the regional system that formed the VMS deposits in the Ambler District.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exploration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following section summarizes and highlights
work completed by Trilogy and its predecessor company NovaGold. NovaGold began exploration of the Arctic Deposit and surrounding
lands of the Schist belt in 2004 after optioning the Arctic Property from Kennecott. Previous exploration on the Arctic Property
during Kennecott&rsquo;s tenure is summarized under the heading &ldquo;<I>The Arctic Project &ndash; History</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Field exploration was largely conducted
during the period between 2004 to 2007 with associated engineering and characterization studies between 2008 and the present.
Drilling related to exploration is discussed under the heading &ldquo;<I>The Arctic Project &ndash; Drilling</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Table 7: Summary of Trilogy/NovaGold Exploration
Activities Targeting VMS-style Mineralization in the Ambler Sequence Stratigraphy and the Arctic Deposit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; text-align: center; border-bottom: Black 1pt solid; font-weight: bold"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Work
    Completed</FONT></B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 10%; text-align: center; text-indent: 0in; font-weight: bold; border-bottom: Black 1pt solid"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year</FONT></B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 15%; text-align: center; text-indent: 0in; font-weight: bold; border-bottom: Black 1pt solid"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details</FONT></B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 40%; text-align: center; text-indent: 0in; font-weight: bold; border-bottom: Black 1pt solid"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Focus</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Geological Mapping</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Arctic Deposit surface geology</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2005</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ambler Sequence west of the Arctic Deposit</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2006</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">COU, Dead Creek, Sunshine, Red</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015, 2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SRK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Geotechnical Structural Mapping</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Arctic Deposit surface geology</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Geophysical Surveys</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SWIR Spectrometry</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2004 drill holes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Alteration characterization</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">TDEM</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2005</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2 loops</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Follow-up of Kennecott DIGHEM EM survey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2006</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13 loops</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">District targets</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6 loops</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Arctic extensions</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Downhole EM</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4 drill holes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Arctic Deposit</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Geochemistry</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2005</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Stream silts &ndash; core area prospects</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2006</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soils &ndash; core area prospects</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2006</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Stream silts &ndash; core area prospects</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soils &ndash; Arctic Deposit area</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Survey</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Collar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2004 to 2011</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">GPS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All 2004 to 2011 NovaCopper drill holes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2004, 2008</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Resurveys</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Historical Kennecott drill holes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Photography/Topography</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Photography/topography</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">LiDAR Survey</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015, 2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">LiDAR over Arctic Deposit</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Technical Studies</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Geotechnical</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">BGC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Preliminary geotechnical and hazards</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ML/ARD</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SRK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Preliminary ML and ARD</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Metallurgy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SGS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Preliminary mineralogy and metallurgy</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Geotechnical and Hydrology</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">BGC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Preliminary rock mechanics and hydrology</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Geotechnical and Hydrology</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015, 2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SRK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Arctic PFS Slope Design</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ML/ARD</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015, 2016, 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SRK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Static Kinetic Tests and ABA Update - ongoing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Metallurgy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015, 2016, 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SGS, ALS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cu-Pb Separation Test Work; Flotation and Variability Test
    Work</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Project Evaluation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Resource Estimation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2008</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SRK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Resource estimation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PEA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SRK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PEA &ndash; Underground</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Tetra Tech</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PEA &ndash; Open Pit</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in">Note:</TD><TD STYLE="text-align: justify">SWIR = short wave infrared; ML
                                         = metal leaching; BGC = BGC Engineering Inc.; SRK = SRK Consulting; SGS = SGS Canada;
                                         ALS = ALS Metallurgy</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Drilling</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Drilling at the Arctic Deposit and within
the Ambler District has been ongoing since its initial discovery in 1967. Approximately 56,480 m of drilling has been completed
within the Ambler District, including 39,320m of drilling in 163 drill holes at the Arctic deposit or on potential extensions
in 27 campaigns spanning 50 years. All of the drill campaigns at Arctic have been run under the auspices of either: 1) Kennecott
and its subsidiaries (BCMC), 2) Anaconda, or 3) Trilogy and its predecessor companies, NovaGold and NovaCopper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trilogy and its predecessor company NovaGold
drilled 22,144 m in 79 different drill holes targeting the Arctic Deposit and several other prospects of the Ambler Schist belt.
Table 8 summarizes all of the Trilogy/NovaGold tenure drilling on the Arctic Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Table 8: Summary of Trilogy/NovaGold Drilling</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 83%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.9in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Metres</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">No. of<BR> Drill Holes</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Sequence</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Purpose of Drilling</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 8%; text-align: justify">2004</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2,996</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right">11</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; vertical-align: top">AR04-78 to 88</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 52%; text-align: center">Deposit scoping and verification</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2005</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,030</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">AR05-89 to 97</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Extensions to the Arctic Deposit</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2006<SUP>***</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">AR06-98 to 109</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Property-wide exploration drilling</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2007</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">AR07-110 to 113</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Deep extensions of the Arctic Deposit</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2008<SUP>*</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">AR08-114 to 126</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Grade continuity and metallurgy</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,193</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">AR11-127 to 131</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Geotechnical studies</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2012<SUP>***</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,752</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">SC12-014 to 017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Exploration drilling &ndash; Sunshine</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">AR15-132 to 145</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Geotechnical-hydrogeological studies, resource infill</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,058</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">AR16-146 to 158</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Geotechnical-hydrogeological studies, resource infill</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2017<SUP>**</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">790</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">AR17-159 to 163</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ore sorting studies</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">Notes:</TD><TD STYLE="text-align: justify">*A total of 12 of the 14 holes
                                         drilled in 2008 were utilized in the 2012 SRK resource update. Two holes were maintained
                                         in sealed frozen storage to provide additional metallurgical samples if required.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">**Holes drilled
in 2017 are not included in the current resource estimation contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">***Drilling in 2006 and 2012
targeted exploration targets elsewhere in the VMS belt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A detailed discussion and review of the
geotechnical and hydrogeological results can be found under the heading &ldquo;<I>The Arctic Project &ndash; Exploration</I>&rdquo;.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 -0.5in; text-align: justify; text-indent: 0.5in">Recovery</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Core recovery during NovaGold/Trilogy tenure
has been good to excellent, resulting in quality samples with little to no bias. There are no other known drilling and/or recovery
factors that could materially impact accuracy of the samples during this period. Table 9 shows recoveries and rock-quality designation
(&ldquo;<B>RQD</B>&rdquo;) for each of the NovaGold/Trilogy campaigns exclusive of the geotechnical drill holes in 2011. BGC Engineering
Inc. (2012) reports a detailed and exhaustive discussion of the recoveries and RQDs of the 2011 drilling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Table 9: Recovery and RQD 2004 to 2008
Arctic Drill Campaigns</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 45%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Metres</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Recovery<BR> (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RQD<BR> (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 31%; text-align: justify">2004</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">2,996</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">98.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">73.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2005</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,030</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2007</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2008</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,193</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 45%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Metres</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Recovery<BR> (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RQD<BR> (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 31%; text-align: justify">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">3,058</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">91.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">69.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">790</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sampling, Analysis and Data Verification</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Sample Preparation</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Core Drilling
Sampling</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The data for the Arctic Deposit resource
was generated over three primary drilling campaigns: 1966 to 1986 when BCMC, a subsidiary of Kennecott Copper Corporation was
the primary operator, 1998 when Kennecott Minerals resumed work after a long hiatus, and 2004 to present with NovaGold Resources
Inc. and now Trilogy as the operators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Kennecott and BCMC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sampling of drill core prior to 1998 by
BCMC focused primarily on the mineralized zones; numerous intervals of weak to moderate mineralization were not sampled during
this period. During the 1998 campaign, Kennecott did sample some broad zones of alteration and weak mineralization, but much of
the unaltered and unmineralized drill core was left unsampled. Little documentation on historic sampling procedures is available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NovaGold and Trilogy
Tenure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Between 2004 and 2006, NovaGold conducted
a systematic drill core re-logging and re-sampling campaign of Kennecott and BCMC era drill holes AR-09 to AR-74. NovaGold either
took 1 to 2 m samples every 10 m, or sampled entire lengths of previously unsampled core within a minimum of 1 m and a maximum
of 3 m intervals. The objective of the sampling was to generate a full ICP geochemistry dataset for the Arctic Deposit and ensure
continuous sampling throughout the deposit. Sample preparation procedures for NovaGold era work are described in the following
subsection. Quality assurance/quality control (&ldquo;<B>QA/QC</B>&rdquo;) review of historic sampling is described under the
heading &ldquo;<I>The Arctic Project &ndash; Sampling, Analysis and Data Verification &ndash; Quality Assurance/Quality Control</I>&rdquo;
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All drill core was transported by helicopter
in secure core &ldquo;baskets&rdquo; to either the Dahl Creek camp or the Bornite camp for logging and sampling. Sample intervals
were determined by the geologist during the geological logging process. Sample intervals were labelled with white paper tags and
butter (aluminum) tags which were stapled to the core box. Each tag had a unique number which corresponded to that sample interval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sample intervals were determined by the
geological relationships observed in the core and limited to a 3 m maximum length and 1 m minimum length. An attempt was made
to terminate sample intervals at lithological and mineralization boundaries. Sampling was generally continuous from the top to
the bottom of the drill hole. When the hole was in unmineralized rock, the sample length was generally 3 m, whereas in mineralized
units, the sample length was shortened to 1 to 2 m.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Geological and geotechnical parameters
were recorded based on defined sample intervals and/or drill run intervals (defined by the placement of a wooden block at the
end of a core run). Logged parameters were reviewed annually and slight modifications have been made between campaigns, but generally
include rock type, mineral abundance, major structures, SG, point load testing, recovery and rock quality designation measurements.
Drill logs were converted to a digital format and forwarded to the Database Manager, who imported them into the master database.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Core was photographed and then brought
into the saw shack where it was split in half by the rock saw, divided into sample intervals, and bagged by the core cutters.
Not all core was oriented; however, core that had been oriented was identified to samplers by a line drawn down the core stick.
If core was not competent, it was split by using a spoon to transfer half of the core into the sample bag.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Once the core was sawed, half was sent
to ALS Minerals Laboratories (&ldquo;<B>ALS Minerals</B>&rdquo;) in Vancouver for analysis and the other half was initially stored
at the Dahl Creek camp but has been consolidated at the storage facility at the Bornite camp facilities or at Trilogy warehouse
in Fairbanks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shipment of core samples from the Dahl
Creek camp occurred on a drill hole by drill hole basis. Rice bags, containing two to four poly-bagged core samples each, were
marked and labelled with the ALS Minerals address, project and hole number, bag number, and sample numbers enclosed. Rice bags
were secured with a pre-numbered plastic security tie and a twist wire tie and then assembled into standard fish totes for transport
by chartered flights on a commercial airline to Fairbanks, where they were met by a contracted expeditor for deliver directly
to the ALS Minerals preparation facility in Fairbanks. In addition to the core, control samples were inserted into the shipments
at the approximate rate of one standard, one blank and one duplicate per 20 core samples:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Standards:
                                         four standards were used at the Arctic Deposit. The core cutter inserted a sachet of
                                         the appropriate standard, as well as the sample tag, into the sample bag.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Blanks:
                                         were composed of an unmineralized landscape aggregate. The core cutter inserted about
                                         150 g of blank, as well as the sample tag, into the sample bag.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Duplicates:
                                         the assay laboratory split the sample and ran both splits. The core cutter inserted a
                                         sample tag into an empty sample bag.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Samples were logged into a tracking system
on arrival at ALS Minerals, and weighed. Samples were then crushed, dried, and a 250 g split pulverized to greater than 85% passing
75 &mu;m.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gold assays were determined using fire
analysis followed by an atomic absorption spectroscopy finish. The lower detection limit was 0.005 ppm gold; the upper limit was
1,000 ppm gold. An additional 49-element suite was assayed by inductively coupled plasma-mass spectroscopy methodology, following
nitric acid aqua regia digestion. The copper, zinc, lead, and silver analyses were completed by atomic absorption (&ldquo;<B>AA</B>&rdquo;),
following a triple acid digest, when overlimits.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 -0.5in; text-align: justify; text-indent: 0.5in">Security</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Security measures taken during historical
Kennecott and BCMC programs are unknown to NovaGold or Trilogy. Trilogy is not aware of any reason to suspect that any of these
samples have been tampered with. The 2004 to 2016 samples were either in the custody of NovaGold personnel or the assay laboratories
at all times, and the chain of custody of the samples is well documented.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 -0.5in; text-align: justify; text-indent: 0.5in">Assaying
and Analytical Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The laboratories used during the various
exploration, infill, and step-out drill analytical programs completed on the Arctic Project are summarized in Table 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ALS Minerals has attained International
Organization for Standardization (&ldquo;<B>ISO</B>&rdquo;) 9001:2000 registration. In addition, the ALS Minerals laboratory in
Vancouver is accredited to ISO 17025 by Standards Council of Canada for a number of specific test procedures including fire assay
of gold by AA, ICP and gravimetric finish, multi-element ICP and AA assays for silver, copper, lead and zinc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Table 10: Analytical Laboratories Used
by Operators of the Arctic Project</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laboratory
    </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></B></TD>
    <TD STYLE="width: 2%; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laboratory
    </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Location</FONT></B></TD>
    <TD STYLE="width: 2%; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Years
    </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Used</FONT></B></TD>
    <TD STYLE="width: 2%; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accreditation</FONT></B></TD>
    <TD STYLE="width: 2%; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comment</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Union Assay </FONT><BR>
    <FONT STYLE="font-size: 10pt">Office, Inc.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Salt Lake City, Utah</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1968</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Accreditations are not known.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Primary Assay Lab</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Rocky Mountain</FONT><BR>
    <FONT STYLE="font-size: 10pt">Geochemical Corp.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">South Midvale, Utah</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1973</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Accreditations are not known.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Primary and Secondary Assays</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Resource Associates </FONT><BR>
    <FONT STYLE="font-size: 10pt">of Alaska, Inc.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">College, Alaska</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1973, 1974</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Accreditations are not known.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Primary and Secondary Assays</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Georesearch</FONT><BR>
    <FONT STYLE="font-size: 10pt">Laboratories, Inc.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Salt Lake City, Utah</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1975, 1976</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Accreditations are not known.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Primary and Secondary Assays</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Bondar-Clegg &amp; </FONT><BR>
    <FONT STYLE="font-size: 10pt">Company Ltd.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">North Vancouver BC</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1981, 1982</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Accreditations are not known.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Primary and Secondary Assays</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Acme Analytical </FONT><BR>
    <FONT STYLE="font-size: 10pt">Laboratories Ltd. </FONT><BR>
    <FONT STYLE="font-size: 10pt">(AcmeLabs)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Vancouver, BC</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1998, 2012, </FONT><BR>
    <FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Accreditations are not known.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2012 and 2013 Secondary Check Sample Lab</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laboratory
    </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></B></TD>
    <TD STYLE="width: 2%; text-align: center; text-indent: 0in; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laboratory
    </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Location</FONT></B></TD>
    <TD STYLE="width: 2%; text-align: center; text-indent: 0in; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Years
    </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Used</FONT></B></TD>
    <TD STYLE="width: 2%; text-align: center; text-indent: 0in; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in; font-weight: bold; vertical-align: bottom"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accreditation</FONT></B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="width: 25%; text-align: center; text-indent: 0in; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comment</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ALS Analytical Lab</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Fairbanks, Alaska </FONT><BR>
    <FONT STYLE="font-size: 10pt">(prep) and </FONT><BR>
    <FONT STYLE="font-size: 10pt">Vancouver, BC </FONT><BR>
    <FONT STYLE="font-size: 10pt">(analytical)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">1998, 2004,<BR>
        2005, 2006,<BR>
        2012, 2013,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2015, 2016</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">In 2004, ALS Minerals held ISO 9002 accreditations but changed
    to ISO 9001 accreditations in late 2004.&nbsp;&nbsp;ISO/International Electrotechnical Commission (IEC) 17025 accreditation
    was obtained in 2005.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2012 -&nbsp;&nbsp;2016 Primary </FONT><BR>
    <FONT STYLE="font-size: 10pt">Assay Lab</FONT></TD></TR>
</TABLE>
<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Quality Assurance/Quality
Control</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Core Drilling
Sampling QA/QC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Previous data verification campaigns were
limited in scope and documentation and are described by SRK (2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2013, Trilogy conducted a 26% audit
of the NovaGold era assay database fields: sample interval, Au, Ag, Cu, Zn, and Pb. This audit is documented in a series of memos.
Trilogy staff did not identify and/or correct any transcription and/or coding errors in the database prior to resource estimation.
Trilogy also retained independent consultant Caroline Vallat, P.Geo. of GeoSpark Consulting Inc. (&ldquo;<B>GeoSpark</B>&rdquo;)
to: 1) re-load 100% of the historical assay certificates, 2) conduct a QA/QC review of paired historical assays and NovaGold era
re-assays; 3) monitor an independent check assay program for the 2004 to 2008 and 2011 drill campaigns; and 4) generate QA/QC
reports for the NovaGold era 2004 to 2008 and NovaCopper/Trilogy era 2011, 2015, and 2016 drill campaigns. Below is a summary
of the results and conclusions of the GeoSpark QA/QC review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Novagold QA/QC Review
on Historical Analytical Results</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2004, NovaGold conducted a large
rerun program and check sampling campaign on pre-NovaGold (pre-2004) drill core. The 2004 and 2005 ALS Minerals Laboratories primary
sample results have been assigned as the primary assay results for the Arctic Project in the database, amounting to 1,287 of the
total 3,186 primary samples related to pre-NovaGold drill holes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2013, GeoSpark conducted a QA/QC
review of available QA/QC data (20130422 &ndash; QAQC on Pre-NovaGold Arctic Assays); including sample pair data amounting to
422 data pairs which is 11% relative to the primary sample quantity. The sample pairs included original duplicates, original repeat
assays, 2004 rerun assays on original sample pulps analyzed secondarily at ALS Minerals, and check samples from 2004 on original
samples re-analyzed at ALS Minerals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The review found that the available QA/QC
data is related to drill holes that are spatially well distributed over the historic drill hole locations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Review of Precision</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A comparison of the original analytical
results with the secondary results serves to infer the level of precision within the original results. Also, the 2004 rerun sample
results and the check sample pair results from 2004 and 2005 were compared to the original assays to infer the level of repeatability
or precision within the original results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The result of the average relative difference
(&ldquo;<B>AD</B>&rdquo;) review on sample pairs found satisfactory to good inferred precision levels for all of the sample pairs
and elements except for the 2004 rerun sample lead results. For the lead 2004 rerun sample pairs there were 66.85% of the pairs
less than the 1 AD limit, inferring poor precision in the original results. Overall, the lead values were found to pass the AD
criteria for the original duplicates, original repeats, and check sample reviews. More insight was made regarding the lead precision
upon review of the data pairs graphically within scatter plots and Thompson-Howarth Precision Versus Concentration plots. The
2004 rerun sample lead values were found to infer a poor-to-moderate level of precision and an indication that the original results
might be of negative bias where the original results may have been reported on average 0.2% less than their true values for grades
of 0.5% lead and higher. However, the original duplicate, original repeats, and check samples inferred that there was a moderate
or satisfactory level of correlation within the lead values. Furthermore, the overall inference of precision in the lead values
has been defined as moderate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The detailed review of the gold pairs inferred
an overall moderate level of precision within the original analytical results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The silver, copper, and zinc analytical
pair review found overall inferred strong precision in the original analytical results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is GeoSpark's opinion that the detailed
review of analytical pair values reported for gold, silver, copper, lead and zinc has inferred an overall acceptable level of
precision within the original sample analytical results for the pre-NovaGold Arctic Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Review of Accuracy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The rerun sample program of 2004 included
analysis of 53 QA/QC materials comprising 20 standards and 33 blanks. These standards and blanks were reviewed in order to indirectly
infer the accuracy within the original sample data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2004 rerun samples on original pulps
also included analysis of standards and blanks with the primary samples. These results have been reviewed using control charts
for review of the inferred accuracy within the 2004 rerun sample results; in addition, the inferred rerun sample accuracy is related
to the accuracy of the original results in that comparison of the original results to the 2004 reruns and has been shown to be
acceptable overall.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The blank results were reviewed for gold,
silver, copper, lead, and zinc and it has been inferred that there is good accuracy within the results and that there was no significant
issue with sample contamination or instrument calibration during the analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The standard results were reviewed for
gold, silver, copper, lead, and zinc. The reported control limits were available for silver, copper, lead, and zinc. The gold
control limits were calculated for the review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition upon initial review, the zinc
control limits were also calculated from the available data to provide a more realistic range of control values for the results.
The gold, silver, and copper results were inferred to be of strong accuracy. The lead and zinc results were inferred to be of
moderate accuracy overall.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It was GeoSpark&rsquo;s opinion that the
review for accuracy has found an acceptable level of inferred accuracy within the gold, silver, copper, lead, and zinc results
reported for the 2004 rerun samples and indirectly within the original results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Review of Bias</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were 35 check samples on original
samples re-assayed at ALS Minerals during 2004. These were reviewed for an indication of bias in the original results. Additionally,
the 2004 rerun sample results have been reviewed for inference of bias in the original results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Overall, the detailed review of the check
sample pair gold concentrations has found minor positive bias in the 2004 pairs and minor positive bias in the 2005 pairs. The
level of bias is inferred to be at very near zero with the original being reported approximately 0.005 greater than the 2004 results
reported by ALS Minerals. The 2004 rerun samples compared to the originals has inferred negligible bias in the original gold results.
It is GeoSpark's opinion that these levels of inferred bias are not significant to merit concern with the overall quality of gold
values reported for the pre-NovaGold Arctic Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The detailed review of the check sample
silver pairs has found minor negative bias implied by the 2004 check sample pairs. The 2004 rerun samples have shown a negligible
amount of bias in the original results. It is GeoSpark&rsquo;s opinion that overall the bias in original silver concentrations
is inferred to be negligible to minor negative but not significant to merit concern of the overall quality of the silver results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The copper check samples reported in 2004
were found to have a few anomalous results that were implying significant positive bias. However, a more detailed review found
that the exclusion of the anomalous pairs resulted in a minor positive bias overall. The 2004 rerun sample copper results have
shown that there is a possibility for positive bias in the original copper grades at concentrations greater than 5%. Overall,
it is GeoSpark&rsquo;s opinion that the bias inferred within the original copper results is not significant to merit concern with
the original assay quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2004 check sample review inferred overall
small negative bias in the original lead results. The 2004 rerun sample data also inferred that there was a small negative bias
in the original results for grades over 0.5%. Overall, it is GeoSpark&rsquo;s opinion that this detailed review has inferred that
the levels of inferred bias within the lead concentrations are not significant enough to merit concern over the original result
quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The original zinc results have been inferred
to be of very minor positive bias when the 2004 check sample pairs (excluding three anomalous pairs) are reviewed. The 2004 rerun
sample zinc values have been shown to be very comparable with the originals and a negligible amount of bias can be inferred in
the original zinc concentrations. Furthermore, this detailed bias review has inferred that there is no significant bias in the
original zinc results for the pre-NovaGold Arctic Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Conclusion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The pre-NovaGold Arctic Project database
analytical results have been verified and updated to provide a good level of confidence in the database records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is GeoSpark&rsquo;s opinion that with
consideration of the historic nature of the Arctic Project, a sufficient amount of QA/QC data and information has been reviewed
to make a statement of the overall pre-NovaGold Arctic Project analytical result quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is GeoSpark&rsquo;s opinion that this
detailed review has inferred that the pre-NovaGold Arctic Project analytical results are of overall acceptable quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">QA/QC Review on Novagold
(2004 to 2013) Analytical Results</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2013, GeoSpark conducted a series
of QA/QC reviews on Trilogy 2004 to 2013 analytical results. These QA/QC reviews serve to infer the precision of the Trilogy Arctic
Project analytical results through a detailed analytical and statistical review of field duplicate samples; serve to infer the
accuracy of the analytical results through a review of the standards and blanks inserted throughout the Trilogy programs; and
serve to define any bias in the primary sample results through a review of secondary lab checks at AcmeLabs in Vancouver, BC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Acid-Base Accounting
Sampling QA/QC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SRK conducted a QA/QC review of the 2010
ABA dataset for the Arctic Project in March 2011. The memo entitled &ldquo;Preliminary ML/ARD Analysis Ambler District Arctic
Deposit, Alaska&rdquo;, located in NovaCopper&rsquo;s Document Management System (&ldquo;<B>DMS</B>&rdquo;), discusses the results
of the ABA review and documents the 33 duplicate ABA analyses on the lab certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Density Determinations
QA/QC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A QA/QC review of the SG dataset for the
Arctic Project was conducted by NovaCopper staff in March 2013. The memo entitled &ldquo;Arctic_Specific Gravity Review_A.West_20130326&rdquo;,
located in NovaCopper&rsquo;s DMS, discusses the results of the QA/QC review and is summarized in the following subsections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Lab Versus Field Determinations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SG lab determinations conducted during
2004 produced significantly lower average SG results for the mineralized zone than the 1998 and 2004 average field determinations.
In the same test, lithology samples outside the mineralized zone produced comparable values. The difference between the averaged
1998 and 2004 lab results and those from field studies may be the result of selection bias, limited population size, and sample
length. Paired lab and field determinations from the 2004 program show very low variation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2010, to check the validity of the wet-dry
measurements on the Arctic Deposit core with respect to possible permeability of the core samples, NovaGold measured 50 unwaxed
samples representing a full range of SG values for a variety of lithologies and then submitted the samples to ALS Minerals for
wet-dry SG determinations after being sealed in wax. The mean difference between the NovaGold unwaxed and the ALS Minerals waxed
SG determinations was 0.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2011, to check the accuracy of the wet-dry
measurements, the SG for 266 pulps was determined by pycnometer by ALS Minerals (ALS code OA-GRA08b). The two methods compare
favourably, with the wet-dry measurements displaying a very slight low bias. Generally, wet-dry measurements are considered the
more acceptable method for accurate SG determinations since they are performed on whole (or split) core that more closely resembles
the in-situ rock mass.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Stoichiometric Method</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Full sample length determinations can be
directly compared to the assay results for copper, zinc, lead, iron, and barium that are the major constituents of the sulphide
and sulphate species for the Arctic Deposit. This allows NovaCopper to check the wet-dry measurements by estimating the SG for
an ideal stoichiometric distribution of the elements into sulphide and sulphate species.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stoichiometric SG values were estimated
for 279 sample intervals from 2008 drill core that had both measured SG values and total digestion XRF barium values. Overall,
there is a very good correlation between the two SG populations (R2 of 0.9671), though stoichiometric estimates are slightly lower
with increasing SG. Using slightly different compositional values for the assorted sulphide and sulphate species, and assuming
a 1:1 ratio of weight percent iron to weight percent copper in chalcopyrite (the molar value is 1:1), the stoichiometric equation
yields SGs that have an even better correlation (R2=0.9726), due to partitioning more iron into less dense chalcopyrite which
leaves less iron available for more dense pyrite, essentially correcting the bias for the lack of estimated iron-bearing silicates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Multiple Regressions
Method</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The positive comparisons/correlations of
our measured SG values to the laboratory determined values and to the stoichiometric estimated values gives us high confidence
in our wet-dry measurements. As a result, a multiple regression analysis can be performed using the assay data to get a best fit
to the measured SGs. This may correct for the varying residencies of Fe and Ba (and also for the varying density within sphalerite
due to the Zn:Fe ratio).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The best fit to the data was achieved by
using the multiple regression tool in Microsoft Excel on Ba, Fe, Zn and Cu for the entire dataset. The estimate correlates very
well (R2=0.9678) with observed data and has a sinusoidal pattern that fits the low and moderately high SG very well and has high
bias for moderate SG values and a low bias for very high SG values. The resultant SG formula is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">SG (Regression) = 2.567 + 0.0048*Cu(wt%)
+ 0.045*Fe(wt%) + 0.032*Ba(wt%) + 0.023%*Zn(wt%)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Density Determinations
Performance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The SG of a field sample interval can be
reproduced in the lab or estimated from assay values using either a stoichiometric method which assumes a fixed metal residency
in certain sulphide and sulphates or by a multiple regression method that empirically fits measured data. Overall, what this QA/QC
analysis suggests is that the measured SG values can be replicated by various methods, thus supporting the quality of the measured
SG data.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Arctic Project
Technical Report Author&rsquo;s Opinion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the Arctic Project Technical Report,
BD Resource Consulting, Inc. (&ldquo;<B>BDRC</B>&rdquo;) stated that it believes the database meets or exceeds industry standards
of data quality and integrity. BDRC further stated that it believes the sample preparation, security and analytical procedures
are adequate to support resource estimation.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Data Verification</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Drill Hole</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nine drill hole collars (AR-03, AR-04,
AR-10, AR-44, AR-47, AR-64, AR05-0094, AR05-0097 and AR-40) were located by Tetra Tech using a Garmin Etrex 20 GPS unit. The offset
distances between the collar coordinates reflected in the drill hole database provided by Trilogy and the measured positions range
from 3.4 to 7.8 m with an average offset of 4.8 m. This range is within the tolerance to be expected from GPS measurements and
the collar positions are adequately located to form the basis of resource estimation work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">BDRC checked the locations of holes drilled
to infill the PEA drill pattern. Infill holes were correctly located relative to the prior drilling. All holes were compared to
the LIDAR survey of the topographic surface and found to be in the correct locations. All holes are adequately located to support
resource estimation.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Topography Verification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tetra Tech conducted two foot traverses
over representative areas of the Arctic Deposit. Continuous GPS measurements were compiled during these traverses. The averages
of these 724 spot height measurements within 10 m2 by 10 m2 areas were compared to the corresponding digital terrain model survey
points.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the traverse data, 90% confidence limits
are -0.73 m and +0.09 m.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Agreement between surveyed drill hole collar
elevations and the LIDAR topographic surface verifies the correctness of the digital topography.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Core Logging Verification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tetra Tech visited the Trilogy core storage
facility in Fairbanks in 2013 and reviewed three drill holes for lithology, mineralization and the quality of storage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Core boxes were found to be in good condition
and intervals were easily retrieved for the following drill holes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">AR05-0092
                                         (129 to 147 m)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">AR08-0117
                                         (128 to 216 m)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">AR08-0126
                                         (144 to 211 m).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Logged descriptions of massive and semi-massive
sulphide mineralization and general sampling results corresponded to the appearance of the core for selected intervals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">BDRC made similar observations of the core
logging and geology data collection. The core logging information is acceptable for resource estimation purposes.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Database Verification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trilogy drill database has been reviewed,
and no significant concerns were noted. Nine holes were randomly selected from the Arctic database representing six percent of
the data. The assay grades from these holes were dumped from MineSight&trade; and compared to the values listed in certified assay
certificates. No errors were found.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The results of previous data verifications
by external Qualified Persons, completed for Trilogy, were also reviewed. The previous data verification exercises included extensive
reviews of all NovaGold drilling as well as drilling completed by previous operators. Based on the current review, BDRC believes
that the data verification completed on the Trilogy dataset is sufficiently robust to support resource estimation.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">QA/QC Review</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Standards, blanks, duplicates and check
samples have been regularly submitted at a combined level of 20% of sampling submissions for all NovaGold/NovaCopper/Trilogy era
campaigns. GeoSpark conducted QA/QC reviews of all sampling campaigns which included review for accuracy, precision and bias.
In addition to the QA/QC review, GeoSpark has been retained to provide ongoing database maintenance and QA/QC support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">BDRC has reviewed the QA/QC dataset and
reports and found the sample insertion rate and the timeliness of results analysis meets or exceeds industry best practices. The
QA/QC results indicate that the assay results collected by Trilogy, and previously by NovaGold and NovaCopper, are reliable and
suitable for the purpose of this study.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Qualified Person
Opinion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is BDRC&rsquo;s opinion that the drill
database and topographic surface for the Arctic Deposit is reliable and sufficient to support the purpose of this technical report
and a current mineral resource estimate.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mineral Processing and Metallurgical
Testing</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Metallurgical
Test Work Review</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Introduction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Arctic Deposit is a stratiform polymetallic
VMS deposit comprised of semi-massive and massive sulphides deposited in a highly variable metasedimentary and metavolcanic stratigraphy.
Hydrothermal alteration has resulted in the development of footwall magnesium-rich alteration characterized by abundant chlorite
and talc and hanging wall sodium-rich alteration characterized by paragonite. In the mineralized zone, the principal economic
minerals are chalcopyrite, sphalerite, galena, and minor tetrahedrite and bornite. Metallurgical studies have spanned over 30
years with metallurgical test work campaigns undertaken at the Kennecott Research Center, Lakefield Research Ltd., SGS Vancouver
(&ldquo;<B>SGS</B>&rdquo;) and ALS Metallurgy Kamloops, B.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The test work conducted in 2012 and 2017
has been under the technical direction of International Metallurgical and Environmental Inc. The basis of test work has been focused
on a traditional process flowsheet employing crushing, grinding, bulk flotation of a copper and lead concentrate, flotation of
a zinc concentrate and the subsequent separation of copper and lead values via flotation.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Mineral and Metallurgical
Test Work &ndash; 2012 to 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Introduction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Test work conducted prior to 2012 is considered
relevant to the project, but predictive metallurgical results are considered to be best estimated from test work conducted on
sample materials obtained from exploration work under the direction of Trilogy, conducted in 2012 and 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2012, SGS conducted a test program on
the samples produced from mineralization zones 1, 2, 3, and 5 of the Arctic Deposit. To the extent known, the samples are representative
of the styles and types of mineralization and the mineral deposit as a whole. Drill core samples were composited from each of
the zones into four different samples for the SGS test work which included process mineralogical examination, grindability parameter
determination, and flotation tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SGS used QEMSCAN&trade;, a quantitative
mineralogical technique utilizing scanning electron microscopy to determine mineral species, species liberation and mineral associations
in order to develop grade limiting/recovery relationships for the composites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Standard Bond grindability tests were also
conducted on five selected samples to determine the BWi and Ai.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The flotation test work investigated the
effect of various process conditions on copper, lead and zinc recovery using copper-lead bulk flotation and zinc flotation followed
by copper and lead separation. The test work conducted in 2012 at SGS forms the bases for predicting metallurgical performance
of the mineralized zone in terms of recovery of copper and lead to a bulk concentrate as well as predicting zinc recovery to a
zinc concentrate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, test work at ALS Metallurgy was
focused on predicting the expected performance of the proposed copper and lead separation process, which required the use of larger
test samples. A pilot plant was operated to generate approximately 50 kilograms of copper and lead concentrate, which became test
sample material in locked cycle testing of the copper and lead separation process. This test work allows for the accurate prediction
of copper and lead deportment in the process as well as provided detailed analysis of the final copper and lead concentrates,
expected from the process. Additional metallurgical test work in the form of variability samples being subject to grindability
and baseline flotation tests was also completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Test Samples</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2012 test program used 90 individual
drill core sample intervals totaling 1,100 kg from the Arctic Deposit. Individual samples were combined into four composites representing
different zones and labelled as Composites Zone 1 &amp; 2, Zone 3, Zone 5, and Zone 3 &amp; 5. The sample materials used in the
2012 test program at SGS were specifically obtained for metallurgical test purposes. The drill cores were stored in a freezer
to ensure sample degradation and oxidation of sulphide minerals did not occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2017 test program involved the collection
of approximately 4000 kg of drill core from five drill holes within the Arctic Deposit. The core was shipped in its entirety to
ALS Metallurgy of Kamloops, B.C. for use in grinding and flotation test work. 15 separate composites samples were generated by
crushing defined intercepts of mineralization. These samples were riffle split to generate 15 individual samples which were separately
tested for grindability and flotation response, as well, a large portion of each sample was blended to make a single large composite
sample for use in copper-lead separation test work. The copper-lead separation test work involved operating a pilot plant for
the production of a single sample of copper/lead concentrate which was then used in bench-scale flotation testing, including open
circuit flotation tests as well as locked cycle flotation tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Mineralogical Investigation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SGS used QEMSCAN&trade; to complete a detailed
mineralogical study on each composite to identify mineral liberations and associations, and to develop grade/recovery limiting
relationships for the samples. Head assays indicate that all four composite samples contain a considerable amount of magnesium
oxide, implying the potential for significant talc which could impact flotation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The mineralogical study showed that the
mineralogy of all four composites was similar. Each composite was composed mainly of pyrite, quartz, and carbonates. However,
Composite Zone 1 &amp; 2 contains approximately 30% quartz, compared to 8.6% for Composite Zone 3, and 16.6% for Composite Zone
5. The study also showed that Composite Zone 1 &amp; 2 had the lowest pyrite content (6.7%) while Composites Zone 3 and Zone 5
contained approximately 30.4% and 27.8% pyrite, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In all four samples, the major floatable
gangue minerals were talc and pyrite. Chalcopyrite was the main copper carrier. Combined bornite, tetrahedrite, and other sulphides
accounted for less than 5% of the copper minerals in the Zone 1 &amp; 2, Zone 3, and Zone 3 &amp; 5 composites. In the Zone 5
sample, a slightly higher amount of bornite accounted for approximately 9% of the copper minerals. Galena was the main lead mineral
(1.3% in the Zone 1 &amp; 2 composite, and 2.1% in the other three composites) and sphalerite was the main zinc mineral (7.2%
in Zone 1 &amp; 2 composite and 11 to 14% in the other three composites).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All the composites contained a significant
amount of talc, which may have the potential to consume reagents and dilute final concentrates. Therefore, SGS recommended that
talc removal using flotation be employed prior to base metal flotation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At a grind size of approximately 90% passing
150 &micro;m (ranging from 94.5 to 89% passing 150 &micro;m), chalcopyrite liberation ranged from approximately 80 to 87% (free
and liberated combined) for all composites. The chalcopyrite is mostly free, with 7 to 10% associated with pyrite. For all composites,
galena liberation ranged from 54 to 68% (free and liberated combined). Sphalerite liberation varied between 81 to 89%. Sphalerite
is mostly free with about 7 to 10% associated with pyrite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In general, SGS indicated that the liberation
of galena and chalcopyrite was adequate, and acceptable copper and lead metallurgical performance was expected within the rougher
circuit. Sphalerite was well liberated at the grind size.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Comminution Test Work</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SGS conducted a comminution study on five
selected samples during the test program. The tests included the standard BWi test and Ai test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With respect to the results of the grindability
tests, the BWi values range from 6.5 to 11 kWh/t for the materials sampled. The data indicates that the samples are not resistant
to ball mill grinding. The Ai ranged from 0.017 to 0.072 g, which indicates that the samples are not abrasive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Flotation Test Work</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2012, SGS conducted bench-scale flotation
test work to investigate the recovery of copper, lead, zinc, and associated precious metals using bulk copper-lead flotation and
zinc flotation, followed by copper and lead separation. The four composite samples were tested for rougher flotation kinetics,
cleaner efficiency, and copper and lead separation flotation efficiency. SGS also conducted locked cycle flotation tests on each
composite and these test results for the basis for predicting copper and zinc recovery to a bulk concentrate as well as predicting
zinc recovery to a zinc concentrate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The tests produced similar metallurgical
performances among the samples tested, although the Zone 1 &amp; 2 composite showed slightly inferior performance compared to
the Zone 3 composite and Zone 5 composite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Flotation test work conducted in 2017 conducted
at ALS Metallurgy in Kamloops B.C., was focused on a detailed evaluation of the performance of a copper and lead separation process
including open circuit flotation tests and locked cycle flotation tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Open Circuit Flotation
Test Work</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The initial flotation tests at SGS evaluated
rougher flotation kinetics by investigating the effect of various reagent regimes on the flotation kinetics of copper, lead, and
zinc minerals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cytec 3418A promoter and sodium isopropyl
xanthate (&ldquo;<B>SIPX</B>&rdquo;) were used as collectors in the copper and lead flotation circuits. Methyl isobutyl carbinol
was used as the frother to maintain a stable froth in the flotation stages. Hydrated lime was used as the pH regulator. Zinc cyanide,
a mixture of zinc sulphate and sodium cyanide, or zinc sulphate alone, was used to suppress zinc minerals that might report to
the copper and lead bulk concentrate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Zinc was floated after the copper-lead
bulk flotation using the traditional reagent regime, including SIPX as the collector and copper sulphate as the sphalerite activator
at an elevated pH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The feed material was ground to 80% passing
70 &micro;m prior to talc pre-flotation. The talc flotation tailings were sent for copper-lead bulk flotation. The bulk copper-lead
flotation tailings were conditioned with copper sulphate to activate sphalerite prior to zinc rougher flotation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Regrinding was included in the flowsheet
for both the copper-lead bulk concentrate and the zinc concentrate. The target regrind sizes were 80% passing 24 &micro;m for
the copper-lead bulk concentrate and 40 &micro;m for the zinc concentrate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The reground bulk copper-lead concentrate
was cleaned to further reject sphalerite, pyrite, and other gangues. The reground zinc rougher concentrate was cleaned to produce
the final zinc concentrate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The testing indicated that a primary grind
size of 80% passing 70 &micro;m was adequate for the optimum copper-lead bulk rougher flotation and zinc rougher flotation. Copper
grade and recovery to the bulk copper/lead rougher concentrate ranged from 16 to 21% and from 86 to 94%, respectively. The bulk
concentrate also recovered between 89 and 94% lead, grading at 6.8 to 8.4%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gold and silver reported preferentially
to the bulk copper-lead rougher concentrate. Gold recovery ranged from 54 to 80% to the bulk copper and lead cleaner concentrate,
while silver recovery to the concentrate was in the range of between 68 and 84%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Approximately 250 g/t of zinc cyanide was
required to effectively depress the zinc minerals during flotation of the copper and lead minerals. Although zinc sulphate could
be used as an alternative for zinc cyanide, approximately 1,500 g/t of zinc sulphate would be required, which is much higher than
the zinc cyanide dosage. SGS recommended further tests to optimize the reagent regimes for zinc mineral suppression.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cleaner flotation tests showed that
regrinding was required to upgrade the bulk concentrates prior to separation of copper and lead minerals. The regrind size had
not been optimized. It appeared that a regrind size of 80% passing approximately 30 &micro;m would provide sufficient liberation
for the bulk concentrate upgrading and copper-lead separation. Concentrate regrinding was incorporated into all locked cycle tests
and open circuit cleaning tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the batch cleaner tests, lead was separated
from the bulk copper and lead concentrate using a procedure to float lead minerals and suppress copper minerals. With one stage
of lead rougher flotation and two stages of cleaner flotation, approximately 50 to 75% of the lead was recovered to the lead concentrate
containing 41 to 60% lead. A high-grade copper concentrate was produced, ranging between 29 and 31% copper. The concentrate recovered
between 75% and 91% of the copper from the bulk concentrates produced from the four composites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Locked Cycle Test</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SGS conducted six locked cycle tests to
simulate bulk copper-lead flotation and zinc flotation in closed circuit. The bulk copper and lead concentrates produced were
tested for copper and lead separation in an open circuit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The copper recoveries to the bulk copper-lead
concentrates produced from the locked cycle tests were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">89
                                         to 92% for the Zone 3 &amp; 5 composite</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">93%
                                         for the Zone 3 composite</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">86
                                         to 91% for the Zone 5 composite</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">84%
                                         for the Zone 1 &amp; 2 composite.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Zone 1 &amp; 2 composite produced a
lower copper recovery. This result is likely due to insufficient sample for developing optimized flotation conditions for this
sample. Additional work would likely bring this result in line with other sample test results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The copper grades of the copper concentrate
produced ranged from 24 to 28%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Approximately 88 to 94% of the lead was
recovered to the bulk copper-lead concentrates, which contained 9 to 13% lead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Three of the four composites demonstrated
good zinc recovery in the locked cycle tests, excluding the Zone 1 &amp; 2 composite sample.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The zinc recoveries to the final zinc concentrates
produced from the locked cycle tests were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">92%
                                         for the Zone 3 &amp; 5 composite</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">93%
                                         for the Zone 3 composite</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">91%
                                         for the Zone 5 composite</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">84%
                                         for the Zone 1 &amp; 2 composite.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On average, the zinc grades of the concentrates
produced were higher than 55%, excluding the concentrate generated from Composite Zone 1 &amp; 2, which contained only 44.5% zinc.
Once again, it is expected that the results of zone 1 &amp; 2 will improve with additional test work, if sample were available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gold and silver were predominantly recovered
into the bulk copper-lead concentrates. Gold recoveries to this concentrate ranged from 65 to 80%, and silver recoveries ranged
from 80 to 86%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Copper/Lead Separation
Test Work</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SGS performed preliminary open-circuit
copper and lead separation tests on the bulk copper-lead concentrates produced from the locked cycle tests in open circuit flotation
tests. Sodium cyanide was used to suppress copper minerals; 3418A was used as the lead collector and lime added to adjust the
pulp pH to 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The copper concentrates that were produced
assayed at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">31%
                                         copper from Composite Zone 3 &amp; 5</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">31%
                                         copper from Composite Zone 3</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">30%
                                         copper from Composite Zone 5</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">28
                                         to 29% copper from Composite Zone 1 &amp; 2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The lead second cleaner concentrates that
were produced contained:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">41%
                                         lead from Composite Zone 3 &amp; 5</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">59%
                                         lead from Composite Zone 3</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">67%
                                         lead from Composite Zone 5</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">55%
                                         lead from Composite Zone 1 &amp; 2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On average, the lead concentrates that
were produced from the Zone 1 &amp; 2, Zone 3, and Zone 5 composites contained approximately 2.2% copper while the copper content
of the concentrate from the Zone 3 &amp; 5 composite was higher, grading at 5%. There is a substantial reduction in lead recovery
when the lead first cleaner concentrate was further upgraded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">2017 ALS Metallurgy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ALS Metallurgy conducted detailed copper
and lead separation flotation test work using a bulk sample of copper-lead concentrate produced from the operation of a pilot
plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The lead concentrate produced from the
locked cycle work at ALS Metallurgy contained only about 24% lead, due to contamination of the concentrate with talc minerals.
This contamination is due to the high levels of talc in the sample provided for this specific test work. Lead concentrate grades
produced during the 2012 test work ranged from 41 to 59% lead using samples that had substantially lower levels of talc in the
process feed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Expected Concentrate
Quality</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ICP assays were conducted on the copper
and lead concentrates produced from the locked cycle tests at ALS Metallurgy and the zinc concentrate from the locked cycle tests
at SGS. The samples are thought to represent the expected concentrate quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The results indicated that key penalty
elements, as well as precious metals are typically concentrated into a lead concentrate, leaving the copper concentrate of higher
than expected quality given the levels of impurities seen in the test samples.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The lead concentrate may have penalties
for the high arsenic and antimony concentrations seen in the results of this test work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Precious metal deportment into a lead concentrate
is very high and should benefit the payable levels of precious metals at a smelter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Silicon dioxide and fluoride assays should
be conducted on the concentrates to determine whether or not they are higher than the penalty thresholds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Within the zinc concentrates produced at
SGS in 2012 from the locked cycle tests, the cadmium content generally ranges from 2,100 to 3,400 ppm, which will likely be higher
than the penalty thresholds outlined by most zinc concentrate smelters. The arsenic content may be higher than the penalty mark
in the concentrate produced from Composite Zone 5. However, the mineralization from Zone 5 is not expected to be mined separately,
on average; therefore, the arsenic in the zinc concentrate should not attract a penalty.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Recommended
Test Work</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In general, the flowsheet developed in
the 2012 test program and further tested in the 2017 test work program at ALS Metallurgy, is feasible for the Arctic mineralization.
Further metallurgical test work is recommended on representative samples to optimize the flowsheet and better understand the impact
of talc levels in the process feed samples. Lead concentrate quality is impacted by the level of talc in the process feed and
a better understanding of the level of talc in an expected process feed is critical in maximizing the value of a lead concentrate.
There are no outstanding metallurgical issues related to the production of a copper or zinc concentrate from all of the materials
tested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On-going grinding test work is recommended
at some time in the future, including SAG mill characterization test work.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mineral Resource Estimates</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Introduction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This section describes the generation of
an updated mineral resource estimate for the Arctic Project. The mineral resource estimate has been prepared by Bruce M. Davis,
FAusIMM, BDRC and Robert Sim, P.Geo., SIM Geological Inc. Both are &ldquo;Independent Qualified Persons&rdquo; as defined in NI
43-101. Trilogy has filed several technical reports on the Arctic Deposit as described under the heading &ldquo;<I>The Arctic
Project &ndash; History</I>&rdquo;, the most recent one was a PEA authored by Tetra Tech with an effective date of September 12,
2013. During the summers of 2015 and 2016, Trilogy conducted drilling programs designed to upgrade previous in-pit Inferred Mineral
Resources to the Indicated category. During the fall of 2016, following the completion of the final drilling program, Trilogy
geologists reinterpreted the geologic units present in the vicinity of the Arctic deposit. This section incorporates the new geologic
model and all available sample data as of April 25, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This section describes the resource estimation
methodology and summarizes the key assumptions considered by the Qualified Persons. In the opinion of the Qualified Persons, the
resource evaluation reported herein is a sound representation of the mineral resources for the Arctic Project at the current level
of sampling. The mineral resources have been estimated in conformity with generally accepted CIM Estimation of Mineral Resources
and Mineral Reserves Best Practice Guidelines and are reported in accordance with the NI 43-101. Mineral resources are not mineral
reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will
be converted into mineral reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The database used to estimate the Arctic
Project mineral resource was audited by the Qualified Persons. The Qualified Persons are of the opinion that the current drilling
information is sufficiently reliable to confidently interpret the boundaries of the mineralization and the assay data are sufficiently
reliable to support mineral resource estimation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The resource estimate was generated using
MineSight&reg; v11.60-2. Some non-commercial software, including the Geostatistical Library family of software, was used for geostatistical
analyses.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Resource
Classification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The mineral resources were classified in
accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014). The classification parameters
are defined relative to the distance between sample data and are intended to encompass zones of reasonably continuous mineralization
that exhibit the desired degree of confidence in the estimate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Classification parameters are generally
linked to the scale of a deposit: a large and relatively low-grade porphyry-type deposit would likely be mined at a much higher
daily rate than a narrow, high-grade deposit. The scale of selectivity of these two examples differs significantly and this is
reflected in the drill-hole spacing required to achieve the desired level of confidence to define a volume of material that represents,
for example, a year of production. Based on engineering studies completed to date, the Arctic Deposit would likely be amenable
to open pit extraction methods at a production rate of approximately 10,000 tonnes per day. A drill hole spacing study, which
tests the reliability of estimates for a given volume of material at varying drill hole spacing, suggests that drilling on a nominal
100 m grid pattern would provide annual estimates of volume (tonnage) and grade within &plusmn;15% accuracy, 90% of the time.
These results were combined with grade and indicator variograms and other visual observations of the nature of the deposit in
defining the criteria for mineral resource classification as described below. At this stage of exploration, there is insufficient
density of drilling information to support the definition of mineral resources in the Measured category.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following classification criteria are
defined for the Arctic Deposit:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Indicated
                                         Mineral Resources includes blocks in the model with grades estimated by three or more
                                         drill holes spaced at a maximum distance of 100 m, and exhibit a relatively high degree
                                         of confidence in the grade and continuity of mineralization.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Inferred
                                         Mineral Resources require a minimum of one drill hole within a maximum distance of 150
                                         m and exhibit reasonable confidence in the grade and continuity of mineralization.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Some manual &ldquo;smoothing&rdquo; of
the criteria for Indicated Resources was conducted that includes areas where the drill hole spacing locally exceeds the desired
grid spacing, but still retains continuity of mineralization or, conversely, excludes areas where the mineralization does not
exhibit the required degree of confidence.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Mineral Resource
Estimate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CIM Definition Standards for Mineral Resources
and Mineral Reserves (May 2014) defines a mineral resource as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;A mineral resource is
a concentration or occurrence of solid material of economic interest in or on the Earth&rsquo;s crust in such form, grade or quality
and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity
and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence
and knowledge, including sampling&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The &ldquo;reasonable prospects for eventual
economic extraction&rdquo; requirement generally implies that quantity and grade estimates meet certain economic thresholds and
that mineral resources are reported at an appropriate cut-off grade which takes into account the extraction scenarios and the
processing recovery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Arctic Deposit comprises several zones
of relatively continuous moderate- to high-grade polymetallic mineralization that extends from surface to depths of over 250 m
below surface. The deposit is potentially amenable to open pit extraction methods. The &ldquo;reasonable prospects for eventual
economic extraction&rdquo; was tested using a floating cone pit shell derived based on a series of technical and economic assumptions
considered appropriate for a deposit of this type, scale and location. These parameters are summarized in Table 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Table 11: Parameters Used to Generate a
Resource-Limiting Pit Shell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Optimization Parameters</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; text-align: center"><FONT STYLE="font-size: 10pt">Open Pit Mining Cost</FONT></TD>
    <TD STYLE="width: 47%; text-align: center"><FONT STYLE="font-size: 10pt">US$3/tonne</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Milling Cost + G&amp;A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">US$35/tonne</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Pit Slope</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">43 degrees</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Copper Price</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">US$3.00/lb</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Lead Price</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">US$0.90/lb</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Zinc Price</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">US$1.00/lb</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Gold Price</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">US$1300/oz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Silver Price</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">US$18/oz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Metallurgical Recovery: Copper</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">92%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Lead</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">77%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Zinc</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">88%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Gold</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Silver</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">56%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0.5in"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: No
adjustments for mining recovery or dilution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The pit shell has been generated about
copper equivalent grades that incorporate contributions of the five different metals present in the deposit. The formula used
to calculate copper equivalent grades is listed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">CuEq%= (Cu% x 0.92) +(Zn% x 0.290)+(Pb%
x 0.231)+(Augpt x 0.398)+(Aggpt x 0.005)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is important to recognize that discussions
regarding these surface mining parameters are used solely for the purpose of testing the &ldquo;reasonable prospects for eventual
economic extraction,&rdquo; and do not represent an attempt to estimate mineral reserves. These preliminary evaluations are used
to assist with the preparation of a Mineral Resource Statement and to select appropriate reporting assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Using the parameters defined above, a pit
shell was generated about the Arctic Deposit that extends to depths approaching 300 m below surface. Table 12 lists the estimate
of mineral resources contained within the pit shell. Based on the technical and economic factors listed in Table 12, a base case
cut-off grade of 0.50% CuEq is considered appropriate for this deposit. There are no known factors related to environmental, permitting,
legal, title, taxation, socio-economic, marketing, or political issues which could materially affect the mineral resource. It
is expected that a majority of Inferred resources will be converted to Indicated or Measured resources with additional exploration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Table 12: Mineral Resource Estimate for
the Arctic Project</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><B>M</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average Grade:</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Contained metal:</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">tonnes</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cu %</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pb%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Zn%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Au g/t</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ag g/t</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cu Mlbs</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pb Mlbs</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Zn Mlbs</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Au koz</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ag Moz</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 12%; text-align: center">Indicated</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">36.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3.07</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">0.73</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">4.23</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">0.63</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">47.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">2441</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">581</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3356</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">728</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">Inferred</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.71</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.3pt">Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Resources stated as contained
                                         within a pit shell developed using metal prices of US$3.00/lb Cu, $0.90/lb Pb, $1.00/lb
                                         Zn, $1300/oz Au and $18/oz Ag and metallurgical recoveries of 92% Cu, 77% Pb, 88% Zn,
                                         63% Au and 56% Ag and operating costs of $3/t mining and $35/t process and G&amp;A. The
                                         average pit slope is 43 degrees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">The base case cut-off grade
                                         is 0.5% copper equivalent. CuEq = (Cu%x0.92)+(Zn%x0.290)+(Pb%x0.231)+(Augptx0.398)+(Aggptx0.005).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Mineral Resources are not
                                         Mineral Reserves and do not have demonstrated economic viability. There is no certainty
                                         that all or any part of the Mineral Resources will be converted into Mineral Reserves.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Inferred resources have a
                                         great amount of uncertainty as to whether they can be mined legally or economically.
                                         It is reasonably expected that a majority of Inferred resources will be converted to
                                         Indicated resources with additional exploration.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exploration and Current Developments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In early June 2017, we announced the engagement
of Ausenco Engineering Canada Inc. (&ldquo;Ausenco&rdquo;) to prepare the Arctic Project Pre-feasibility Study technical report
(the &ldquo;Arctic PFS&rdquo;) which is anticipated to be completed in the first quarter of 2018. The Company has also engaged
Amec Foster Wheeler plc (&ldquo;Amec&rdquo;) to complete mine planning and SRK Consulting (Canada) Inc. (&ldquo;SRK&rdquo;) to
complete tailings and waste design, hydrology and environmental studies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The summer field program for the Arctic
PFS was conducted in July 2017 with the completion of 257 meters of geotechnical drilling and 26 test pits completed to determine
site facility locations and mine design. We also completed geophysical ground surveys to evaluate ground conditions. We continued
our environmental baseline program through the summer of 2017 which includes baseline data collection on aquatic and avian resources,
ongoing water quality, hydrology and meteorology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The results from the 2017 summer field
program are currently being compiled and analyzed by Ausenco, Amec and SRK. The timing of the field program will provide the information
required for completion of the Arctic PFS anticipated to be in first quarter of 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We also completed 455 meters of infill
drilling at the Arctic Project in late August 2017 collecting core to provide two tonnes of material for an ore-sorting study
to be initiated in the fourth quarter of 2017<B>. </B>The assay results from the drilling have not yet been received by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_007"></A><B>USE
OF PROCEEDS</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specific information about the use of proceeds
from the specific issuance of any Securities will be set forth in the applicable Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We had negative operating cash flow for
the financial year ended November 30, 2016. We anticipate that we will continue to have negative cash flow until such time, if
ever, that commercial production is achieved at the Upper Kobuk Mineral Projects. To the extent that we have negative operating
cash flows in future periods we may need to allocate a portion of our existing working capital to fund such negative cash flow.
See &ldquo;<I>Risk Factors</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_008"></A>Dividend
Policy</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not declared or paid any dividends
on our Common Shares since the date of our incorporation. We intend to retain our earnings, if any, to finance the growth and development
of our business and do not expect to pay dividends or to make any other distributions in the near future. Our board of directors
will review this policy from time to time having regard to our financing requirements, financial condition and other factors considered
to be relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_009"></A>Consolidated
Capitalization</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There have been no material changes in
our capital structure since August 31, 2017, the date of our financial statements for the most recently completed financial period.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_010"></A>prior
sales</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information in respect of our Common Shares
that were issued within the previous twelve-month period, including Common Shares that were issued upon the vesting of restricted
share units or deferred share units, and in respect of the grant of restricted share units and deferred share units to acquire
our Common Shares will be provided as required in any applicable Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_011"></A>trading
price and volume</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares are listed and posted
for trading on the TSX and the NYSE American under the symbol &ldquo;TMQ&rdquo;. Trading price and volume of the Company&rsquo;s
securities will be provided as required for our Common Shares in each Prospectus Supplement to this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_012"></A>Description
of Share Capital</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our authorized share capital
consists of an unlimited number of Common Shares without par value. As at November 16, 2017 we had 105,684,523 Common Shares
outstanding. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the Common Shares rank equally as
to voting rights, participation in a distribution of our assets on a liquidation, dissolution or winding-up of the Company and
the entitlement to dividends. The holders of the Common Shares are entitled to receive notice of all meetings of shareholders and
to attend and vote the shares at the meetings. Each common share carries with it the right to one vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of the liquidation, dissolution
or winding-up of the Company or other distribution of its assets, the holders of the Common Shares will be entitled to receive,
on a pro rata basis, all of the assets remaining after we have paid out our liabilities. Distributions in the form of dividends,
if any, will be set by the Board. See &ldquo;<I>Dividend Policy</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions as to the modification, amendment
or variation of the rights attached to the Common Shares are contained in our articles and the <I>Business Corporations Act </I>(British
Columbia). Generally speaking, substantive changes to the share capital require the approval of the shareholders by special resolution
(at least two-thirds of the votes cast).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Trading of Our
Common Shares</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our Common Shares are traded on the
TSX and the NYSE American, in both cases under the symbol &ldquo;TMQ&rdquo;. On November 16, 2017, the last reported sale price
of our Common Shares on the TSX was Cdn$1.16 per Common Share and on the NYSE American was US$0.92 per Common Share. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_013"></A>DESCRIPTION
OF WARRANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This section describes the general terms
that will apply to any Warrants for the purchase of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants may be offered separately or together
with other Securities, as the case may be. Each series of Warrants will be issued under a separate Warrant indenture to be entered
into between us and one or more banks or trust companies acting as Warrant agent. The applicable Prospectus Supplement will include
details of the Warrant agreements covering the Warrants being offered. The Warrant agent will act solely as the agent of the Company
and will not assume a relationship of agency with any holders of Warrant certificates or beneficial owners of Warrants. The following
sets forth certain general terms and provisions of the Warrants offered under this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The particular terms of each issue of Warrants
will be described in the related Prospectus Supplement. This description will include, where applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of Warrants;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">the price at which the Warrants will be offered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">the currency or currencies in which the Warrants will be offered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of the Common Shares purchasable upon exercise of the Warrants;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">the date on which the right to exercise the Warrants will commence and the date on which the right
will expire;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">the number of Common Shares that may be purchased upon exercise of each Warrant and the price at
which and currency or currencies in which the Common Shares may be purchased upon exercise of each Warrant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of any securities with which the Warrants will be offered, if any, and
the number of the Warrants that will be offered with each Security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">the date or dates, if any, on or after which the Warrants and the related securities will be transferable
separately;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">whether the Warrants will be subject to redemption or call and, if so, the terms of such redemption
or call provisions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">material United States and Canadian tax consequences of owning the Warrants; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">any other material terms or conditions of the Warrants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><A NAME="a_014"></A>DESCRIPTION
OF SHARE PURCHASE CONTRACTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We may issue share purchase contracts,
including contracts obligating holders to purchase from us, and for us to sell to the holders, a specified number of Common Shares,
at a future date or dates, or similar contracts issued on a &ldquo;prepaid&rdquo; basis (in each case, &ldquo;Share Purchase Contracts&rdquo;).
The price per Common Share and the number of Common Shares may be fixed at the time the Share Purchase Contracts are issued or
may be determined by reference to a specific formula set forth in the Share Purchase Contracts. The Share Purchase Contracts will
require either the share purchase price be paid at the time the Share Purchase Contracts are issued or that payment be made at
a specified future date. The Share Purchase Contracts may require holders to secure their obligations thereunder in a specified
manner. Any Share Purchase Contracts we issue will be physically settled by delivery of our Common Shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The applicable Prospectus Supplement will
describe the terms of the Share Purchase Contracts. The description in the Prospectus Supplement will not necessarily be complete,
and reference will be made to the Share Purchase Contracts, and, if applicable, collateral, depositary or custodial arrangements,
relating to the Share Purchase Contracts. Material United States and Canadian federal income tax considerations applicable to
the holders of the Share Purchase Contracts will also be discussed in the applicable Prospectus Supplement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_015"></A>PLAN
OF DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell the Securities to or through
underwriters or dealers, and also may sell Securities to one or more other purchasers directly or through agents, including sales
pursuant to ordinary brokerage transactions and transactions in which a broker-dealer solicits purchasers or may issue Securities
in whole or in partial payment of the purchase price of assets acquired by us or our subsidiaries. Each Prospectus Supplement will
set forth the terms of the offering or issue, including the name or names of any underwriters or agents, the purchase price or
prices of the Securities and the proceeds to us from the sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Securities may be sold, from time to
time in one or more transactions at a fixed price or prices which may be changed or at market prices prevailing at the time of
sale, at prices related to such prevailing market prices or at negotiated prices, including sales in transactions that are deemed
to be &ldquo;at-the-market distributions&rdquo; as defined in Canadian National Instrument 44-102 Shelf Distributions and in accordance
with Rule&nbsp;415(a)(4)&nbsp;under the Securities Act, including sales made directly on the TSX, NYSE American or other existing
trading markets for the Securities. The prices at which the Securities may be offered may vary as between purchasers and during
the period of distribution. If, in connection with the offering of Securities at a fixed price or prices, the underwriters have
made a bona fide effort to sell all of the Securities at the initial offering price fixed in the applicable Prospectus Supplement,
the public offering price may be decreased and thereafter further changed, from time to time, to an amount not greater than the
initial public offering price fixed in such Prospectus Supplement, in which case the compensation realized by the underwriters
will be decreased by the amount that the aggregate price paid by purchasers for the Securities is less than the gross proceeds
paid by the underwriters to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriters, dealers and agents who participate
in the distribution of the Securities may be entitled to, under agreements to be entered into with us, indemnification by us against
certain liabilities, including liabilities under the Securities Act, and Canadian securities legislation, or to contribution with
respect to payments which such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers
and agents may be customers of, engage in transactions with, or perform services for, us in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with any offering of Securities,
other than an &ldquo;at-the-market distribution&rdquo;, the underwriters may over-allot or effect transactions which stabilize
or maintain the market price of the Securities offered at a level above that which might otherwise prevail in the open market.
Such transactions, if commenced, may be discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In compliance with the guidelines of the
Financial Industry Regulatory Authority (the &ldquo;FINRA&rdquo;), the aggregate maximum discount, commission or agency fees or
other items constituting underwriting compensation to be received by any FINRA member or independent broker-dealer will not exceed
8% of any offering pursuant to this Prospectus and any applicable Prospectus Supplement or pricing supplement, as the case may
be; however, it is anticipated that the maximum commission or discount to be received in any particular offering of Securities
will be less than this amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_016"></A>CERTAIN
CANADIAN and U.S. Federal Income Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information regarding material Canadian
and U.S. federal income tax consequences to persons investing in the Securities offered by this Prospectus will be set forth in
an applicable Prospectus Supplement. You are urged to consult your own tax advisors prior to any acquisition of our Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_017"></A>Legal
Matters</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters in connection with
the Securities offered hereby will be passed upon on behalf of the Company by Blake, Cassels &amp; Graydon LLP with respect to
Canadian legal matters, and by Dorsey &amp; Whitney LLP with respect to U.S. legal matters and, except as otherwise set forth in
any Prospectus Supplement, on behalf of any underwriters or agents by Skadden, Arps, Slate, Meagher &amp; Flom LLP with respect
to U.S. legal matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_018"></A>AUDITORS,
Transfer Agent and Registrar</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The auditors of the Company are PricewaterhouseCoopers
LLP, Chartered Professional Accountants, of Vancouver, British Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our registrar and transfer agent for our
Common Shares is Computershare Investor Services Inc., located at 510 Burrard Street, Vancouver, British Columbia Canada V5K 1A1.
The co-transfer agent and registrar for the Common Shares in the United States is Computershare Trust Company, N.A., at its office
at 3200 Cherry Creek Drive South, Denver, CO, 80209.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_019"></A>Interest
of Experts</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain of the scientific and technical
information relating to our mineral projects in this Prospectus and the documents incorporated by reference herein has been derived
from technical reports prepared by the experts listed below and has been included in reliance on such person&rsquo;s expertise.
Copies of the technical reports can be accessed online on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> BD Resource Consulting Inc., SIM Geological
Inc. and International Metallurgical &amp; Environmental Inc. are named in the Form 10-K (as defined herein) as having prepared
the 2016 Bornite Report that is summarized therein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Bruce Davis, FAUSIMM, Robert Sim, P.Geo.,
and Jeff Austin, P.Eng., <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prepared the Arctic Report
that is summarized in this Prospectus and are named in this prospectus as having prepared the 2017 Bornite Report.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The aforementioned companies, and their directors,
officers, employees and partners, as applicable, as a group, beneficially own, directly or indirectly, less than one percent of
our outstanding securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Erin Workman, P.Geo. and former employee and
Director of Technical Services of the Company and a &ldquo;Qualified Person&rdquo; under NI 43-101 has reviewed and approved the
scientific and technical disclosure contained in the Form 10-K (as defined herein) and Annual MD&amp;A (as defined herein). Ms.
Workman owns, directly or indirectly, less than one percent of the outstanding securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Andrew W. West, Certified Professional
Geologist, and employee and Exploration Manager of the Company and a &ldquo;Qualified Person&rdquo; under NI 43-101 has reviewed
and approved the scientific and technical disclosure contained in the Interim MD&amp;A (as defined herein). Mr. West owns, directly
or indirectly, less than one percent of the outstanding securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">PricewaterhouseCoopers LLP are the auditors
of the Company and have advised that they are independent with respect to the Company within the meaning of the Code of Professional
Conduct of the Chartered Professional Accountants of British Columbia and the rules of the SEC. PricewaterhouseCoopers LLP is registered
with the Public Company Accounting Oversight Board. The consolidated financial statements of Trilogy for the year ended November
30, 2016 have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, as set forth in their
report thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are incorporated
herein by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None of the aforementioned persons was employed
on a contingency basis, or had, or is to receive, in connection with any offering under this Prospectus, a substantial interest,
direct or indirect, in the Company, nor was any such person connected with the Company as a promoter, managing or principal underwriter,
voting trustee, director, officer, or, except as disclosed herein, an employee.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_020"></A>DOCUMENTS
INCORPORATED BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to &ldquo;incorporate
by reference&rdquo; information we file with the SEC. This means that we can disclose important information to you by referring
you to those documents. Any information we reference in this manner is considered part of this Prospectus, except for any information
superseded by information contained directly in this Prospectus, any accompanying Prospectus Supplement or any subsequently filed
document deemed to be incorporated by reference. Copies of the documents incorporated by reference in this Prospectus may be obtained
on written or oral request without charge from the Secretary of the Company at Suite 1150, 609 Granville Street, Vancouver, British
Columbia, Canada, V7Y&nbsp;1G5, telephone: (604) 638-8088. We file annual, quarterly and current reports, proxy statements and
other information with the SEC. You may read and copy the registration statement, any document incorporated by reference and any
other document that we file with the SEC at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E. Washington, D.C. 20549.
You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Filings are also
available at the SEC&rsquo;s website at <U>www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incorporate by reference the documents
listed below and future filings we make with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding,
unless otherwise provided therein or herein, documents not deemed &ldquo;filed&rdquo; with the SEC and information furnished pursuant
to Item 2.02 and Item 7.01 on any Current Report on Form 8-K or certain exhibits furnished pursuant to Item 9.01 of Form 8-K) after
the date of the initial filing of this registration statement on Form S-3 to which this Prospectus relates until the termination
of the offering under this Prospectus or such time as all Securities offered by this Prospectus have been sold and all conditions
to the consummation of such sales have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">annual report on Form 10-K for the
                                         fiscal year ended November 30, 2016, filed with the SEC on February&nbsp;3, 2017 (the
                                         &ldquo;Form 10-K), except the disclosure in the Form 10-K relating to the Arctic Project,
                                         which is not incorporated by reference and instead is superseded by the summary included
                                         herein of the Arctic Report. See &ldquo;<I>The Arctic Project</I>&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">quarterly reports on Form 10-Q for
                                         the quarterly periods ended February 28, 2017, May 31, 2017 and August 31, 2017, filed
                                         with the SEC on April 4, 2017, June 28, 2017 and October 5, 2017, respectively;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">current reports on Form 8-K, filed
                                         with the SEC on April 13, 2017, April 20, 2017 and May 9, 2017;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the description of Common Shares contained in its registration statement on Form 40-F filed on
March 1, 2012, including any amendment or report filed for purposes of updating such description; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">all other documents filed by us with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act, after November 30, 2016 but before the end of the offering of the Securities made by this Prospectus.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_021"></A>ADDITIONAL
INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On November ___, 2017, we filed a short
form base shelf prospectus with Canadian securities regulatory authorities which will permit us to offer and sell the Securities
for gross proceeds of $50,000,000. The aggregate gross proceeds from the Securities that may be sold in the provinces of Canada
other than Quebec, together with the Securities that we may sell in the United States pursuant to this Prospectus, are not expected
to exceed $50,000,000. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may read and download any public document
that the Company has filed with the Canadian securities regulatory authorities at www.sedar.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_022"></A>Enforceability
of Civil Liabilities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a corporation existing under the
Business Corporations Act (British Columbia). Many of our directors and officers, and some of the experts named in this Prospectus,
are residents of Canada or otherwise reside outside the United States, and all or a substantial portion of their assets, and a
substantial portion our assets, are located outside the United States. We have appointed an agent for service of process in the
United States, but it may be difficult for holders of Common Shares who reside in the United States to effect service within the
United States upon those directors, officers and experts who are not residents of the United States. It may also be difficult for
holders of Common Shares who reside in the United States to realize in the United States upon judgments of courts of the United
States predicated upon our civil liability and the civil liability of our directors, officers and experts under the U.S. federal
securities laws. We have been advised by our Canadian counsel, Blake, Cassels &amp; Graydon LLP, that a judgment of a U.S. court
predicated solely upon civil liability under U.S. federal securities laws or the securities or &lsquo;&lsquo;blue sky&rsquo;&rsquo;
laws of any state within the United States, would probably be enforceable in Canada if the U.S. court in which the judgment was
obtained has a basis for jurisdiction in the matter that would be recognized by a Canadian court for the same purposes. We have
also been advised by Blake, Cassels &amp; Graydon LLP, however, that there is substantial doubt whether an action could be brought
in Canada in the first instance on the basis of liability predicated solely upon U.S. federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>[Alternate
Page for Canadian Prospectus]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information has been incorporated
by reference in this short form prospectus from documents filed with securities commissions or similar authorities in Canada.
</I></B><I>Copies of the documents incorporated by reference may be obtained on request without charge from the Corporate Secretary
of Trilogy Metals Inc. at Suite 1150, 609 Granville Street, Vancouver, British Columbia, Canada, V7Y 1G5, telephone: (604) 638-8088
and are available electronically at www.sedar.com.</I><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No securities regulatory authority
has expressed an opinion about these securities and it is an offence to claim otherwise. </I></B><I>This short form base shelf
prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for
sale and therein only by persons permitted to sell such securities.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SHORT FORM
BASE SHELF PROSPECTUS</B><BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%; text-align: left; vertical-align: bottom">New Issue</TD>
    <TD STYLE="width: 60%; text-align: center">&nbsp;<IMG SRC="image_002.jpg" ALT="Trilogy Logo JPEG (2)" STYLE="height: 93px; width: 291px"></TD>
    <TD STYLE="width: 20%; text-align: right; vertical-align: bottom"><P STYLE="margin: 0"> November ___, 2017 </P> </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>US$50,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Warrants to Purchase Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Share Purchase Contracts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trilogy Metals Inc. (&ldquo;we&rdquo;,
&ldquo;Trilogy&rdquo; or the &ldquo;Company&rdquo;) may offer and issue from time to time common shares (the &ldquo;Common Shares&rdquo;),
warrants to purchase Common Shares (the &ldquo;Warrants&rdquo;) and share purchase contracts (all of the foregoing, collectively,
the &ldquo;Securities&rdquo;) or any combination thereof up to an aggregate initial offering price of US$50,000,000 during the
25-month period that this prospectus (the &ldquo;Prospectus&rdquo;), including any amendments hereto, remains effective. The Securities
may be offered separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time
of sale and set forth in an accompanying prospectus supplement (a &ldquo;Prospectus Supplement&rdquo;).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our outstanding Common Shares are listed
and posted for trading on the Toronto Stock Exchange (&ldquo;TSX&rdquo;) and the NYSE American LLC (&ldquo;NYSE American&rdquo;),
under the symbol &ldquo;TMQ&rdquo;. Unless otherwise specified in the applicable Prospectus Supplement, Securities other than the
Common Shares will not be listed on any securities exchange. <B>There is currently no market through which the Securities, other
than the Common Shares, may be sold and you may not be able to resell such Securities purchased under this Prospectus and any applicable
Prospectus Supplement. This may affect the pricing of such Securities in the secondary market, the transparency and availability
of trading prices, the liquidity of the securities, and the extent of issuer regulation. See &ldquo;Risk Factors&rdquo;</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our securities involves
a high degree of risk. You should carefully read the </B>&ldquo;<B>Risk Factors</B>&rdquo; <B>section contained elsewhere in this
Prospectus and carefully consider the discussion of risks and uncertainties under the heading &ldquo;Risk Factors&rdquo; contained
in any applicable Prospectus Supplement and in the documents that are incorporated by reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B>Prospective investors should be
aware that the acquisition of the Securities described herein may have tax consequences. You should read the tax discussion contained
in the applicable Prospectus Supplement and consult your tax advisor with respect to your own particular circumstances. See &ldquo;<I>Certain
Canadian and U.S. Federal Income Tax Considerations</I>&rdquo; in this Prospectus.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Alternate Page for Canadian Prospectus]</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All shelf information permitted under applicable
laws to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers
together with this Prospectus. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes
of securities legislation as of the date of the Prospectus Supplement and only for the purposes of the distribution of the Securities
to which the Prospectus Supplement pertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The specific terms of the Securities with
respect to a particular offering will be set out in the applicable Prospectus Supplement and may include, where applicable: (i)
in the case of Common Shares, the designation of the particular class and series, the number of Common Shares offered, the issue
price, dividend rate, if any, and any other terms specific to the Common Shares being offered; (ii) in the case of Warrants, the
designation, terms, number of Common Shares issuable upon exercise of the Warrants, any procedures that will result in the adjustment
of these numbers, the exercise price, dates and periods of exercise, the currency in which the Warrants are issued and any other
specific terms; and (iii) in the case of share purchase contracts, the designation, number and terms of the Common Shares to be
purchased under the share purchase contract, any procedures that will result in the adjustment of these numbers, the purchase
price and purchase date or dates of the Common Shares, any requirements of the purchaser to secure its obligations under the share
purchase contract and any other specific terms. Where required by statute, regulation or policy, and where Securities are offered
in currencies other than Canadian dollars, appropriate disclosure of foreign exchange rates applicable to such Securities will
be included in the Prospectus Supplement describing such Securities.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus constitutes a public offering
of these Securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted
to sell such Securities. The Company may offer and sell Securities to, or through, underwriters or dealers and also may offer and
sell certain Securities directly to other purchasers or through agents pursuant to exemptions from registration or qualification
under applicable securities laws. A Prospectus Supplement relating to each issue of Securities offered thereby will set forth the
names of any underwriters, dealers or agents involved in the offering and sale of such Securities and will set forth the terms
of the offering of such Securities, the method of distribution of such Securities including, to the extent applicable, the proceeds
to the Company and any fees, discounts or any other compensation payable to underwriters, dealers or agents and any other material
terms of the plan of distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with any offering of the
Securities, unless otherwise specified in a Prospectus Supplement, the underwriters or agents may over-allot or effect transactions
which stabilize or maintain the market price of the Securities offered at a higher level than that which might exist in the open
market. Such transactions, if commenced, may be interrupted or discontinued at any time. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please carefully read both this Prospectus
and any Prospectus Supplement together with the documents incorporated herein by reference under &ldquo;<I>Documents Incorporated
by Reference</I>&rdquo; and the additional information described below under &ldquo;<I>Additional Information</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s head office is located
at Suite 1150, 609 Granville Street, Vancouver, British Columbia, Canada, V7Y&nbsp;1G5. The Company&rsquo;s registered office is
located at Suite 2600, 595 Burrard Street, Vancouver, British Columbia, Canada, V7X 1L3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gregory Lang, William Hayden, Kalidas Madhavpeddi
and Diana Walters are each directors of the Company and reside outside of Canada. Although Messrs. Lang, Hayden, Madhavpeddi and
Mme. Walters have appointed Blake, Cassels &amp; Graydon LLP as agent for service of process in each province of Canada in which
the Securities are to be distributed, it may not be possible for investors to enforce against Messrs. Lang, Hayden, Madhavpeddi
and Mme. Walters judgments obtained in Canadian courts predicated upon the civil liability provisions of applicable securities
laws in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Alternate Page for Canadian Prospectus]</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left"><A HREF="#a_003">CAUTIONARY NOTE TO UNITED STATES INVESTORS</A></TD>
    <TD STYLE="width: 10%; text-align: right"> <A HREF="#a_003">4</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_004">Cautionary Statement Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_004">4</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_005">Exchange Rate Information</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_005">7</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_006">The Company</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_006">7</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="margin: 0"><A HREF="#a_006a">The Arctic Project</A></P>


</TD>
    <TD STYLE="text-align: right"> <A HREF="#a_006a">9</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_002">risk factors</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_002">41</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_007">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_007">43</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_008">Dividend Policy</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_008">43</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_009">Consolidated Capitalization</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_009">43</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_010">prior sales</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_010">43</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_011">trading price and volume</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_011">43</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_012">Description of Share Capital</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_012">43</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_013">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_013">44</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_014">DESCRIPTION OF SHARE PURCHASE CONTRACTS</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_014">44</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_015">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_015">45</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_016">CERTAIN CANADIAN and u.s. federal income tax considerations</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_016">45</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_017">Legal Matters</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_017">45</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_018">AUDITORS, Transfer Agent and Registrar</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_018">46</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_019">Interest of Experts</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_019">46</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_020">Documents Incorporated by Reference</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_020">47</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_021">additional information</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_021">47</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_022">Enforceability of Civil Liabilities</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#a_022">48</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#b_001">Statutory Rights of Withdrawal and Rescission</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#b_001">48</A> </TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#b_002">CERTIFICATE
OF TRILOGY METALS INC.</A></TD>
    <TD STYLE="text-align: right"> <A HREF="#b_002">C-1</A> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 150pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You should rely only on the information
contained in or incorporated by reference into this Prospectus and any Prospectus Supplement. We have not authorized anyone to
provide you with different information. We are not making an offer of these Securities in any jurisdiction where the offer is not
permitted. You should not assume that the information contained in this Prospectus and any Prospectus Supplement is accurate as
of any date other than the date on the front of those documents.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Prospectus and in any Prospectus
Supplement unless the context otherwise requires, references to &ldquo;Trilogy&rdquo; or the &ldquo;Company&rdquo;, &ldquo;we&rdquo;,
&ldquo;us&rdquo;, and &ldquo;our&rdquo; refer to Trilogy Metals Inc., either alone or together with our subsidiaries, as the context
requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Unless stated otherwise or as the context
otherwise requires, all references to dollar amounts in this Prospectus and any Prospectus Supplement are references to United
States dollars. References to &ldquo;$&rdquo; or &ldquo;US$&rdquo; are to United States dollars and references to &ldquo;Cdn$&rdquo;
or &ldquo;C$&rdquo; are to Canadian dollars. See &ldquo;<I>Exchange Rate Information</I>&rdquo;. The Company&rsquo;s financial
statements that are incorporated by reference into this Prospectus and any Prospectus Supplement have been prepared in accordance
with accounting principles generally accepted in the United States. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Alternate Page for Canadian Prospectus]</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Documents
Incorporated by Reference</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information has been incorporated by
reference in this Prospectus from documents filed with securities commissions or similar authorities in Canada</B>. Copies of the
documents incorporated herein by reference may be obtained on request without charge from the Secretary of the Company at Suite
1150, 609 Granville Street, Vancouver, British Columbia, Canada, V7Y 1G4, telephone: 604-638-8088. These documents are also available
through the internet on SEDAR, which can be accessed on line at www.sedar.com, and on EDGAR, which can be accessed at www.sec.gov.
The following documents filed with the securities commissions or similar authorities in Canada are specifically incorporated by
reference into, and form an integral part of this Prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">annual
                                         report on Form 10-K pursuant to section 13 or 15(d) of the Securities Exchange Act of
                                         1934, as amended, for the Fiscal Year Ended November 30, 2016 dated February 2, 2017
                                         (&ldquo;Form 10-K&rdquo;), except the disclosure in the Form 10-K relating to the Arctic
                                         Project, which is not incorporated by reference and instead is superseded by the summary
                                         included herein of the Arctic Report. See &ldquo;<I>The Arctic Project</I>&rdquo;;</P>


</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">audited annual comparative consolidated financial statements of the Company for the year ended
November&nbsp;30, 2016 together with the notes thereto and the auditor&rsquo;s reports thereon and the related annual management&rsquo;s
discussion and analysis (&ldquo;Annual MD&amp;A&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">unaudited
                                         interim consolidated financial statements for the three and nine months ended August
                                         31, 2017 and 2016 and the related management discussion and analysis (&ldquo;Interim
                                         MD&amp;A&rdquo;);</P>


</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">management information circular dated March 28, 2017 in respect of the annual general and special
meeting of shareholders of the Company held on May 8, 2017; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">material change report, dated April 20, 2017 related to the Company entering into an Option Agreement
To Form Joint Venture by and between Trilogy, NovaCopper US Inc. and South32 pursuant to which South32 acquired an option to form
a 50/50 joint venture with respect to the Upper Kobuk Mineral Projects.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any annual information form, material
change reports (excluding confidential material change reports), any interim and annual consolidated financial statements and related
management discussion and analysis, information circulars (excluding those portions that, pursuant to National Instrument 44-101
of the Canadian Securities Administrators, are not required to be incorporated by reference herein), any business acquisition reports,
any news releases or public communications containing financial information about the Company for a financial period more recent
than the periods for which financial statements are incorporated herein by reference, and any other disclosure documents required
to be filed pursuant to an undertaking to a provincial or territorial securities regulatory authority that are filed by the Company
with various securities commissions or similar authorities in Canada after the date of this Prospectus and prior to the termination
of the offering under any Prospectus Supplement, shall be deemed to be incorporated by reference in this Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any statement contained in this Prospectus
or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for
purposes of this Prospectus to the extent that a statement contained herein or in any other subsequently filed document which also
is or is deemed to be incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement
need not state that it has modified or superseded a prior statement or include any other information set forth in the document
it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes
that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or
an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light
of the circumstances in which it was made. Any statement so modified or superseded shall not constitute a part of this Prospectus,
except as so modified or superseded.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Alternate Page for Canadian Prospectus]</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Prospectus Supplement containing the
specific terms of an offering of Securities, and other information relating to the Securities, will be delivered to prospective
purchasers of such Securities together with this Prospectus and the applicable Prospectus Supplement and will be deemed to be incorporated
into this Prospectus as of the date of such Prospectus Supplement only for the purpose of the offering of the Securities covered
by that Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon a new annual information form and
the related annual financial statements being filed by the Company with, and, where required, accepted by, the applicable securities
commissions or similar regulatory authorities during the currency of this Prospectus, the previous annual information form, the
previous annual financial statements and all quarterly financial statements, material change reports and information circulars
filed prior to the commencement of the Company&rsquo;s financial year in which the new annual information form is filed shall
be deemed no longer to be incorporated into this Prospectus for purposes of further offers and sales of Securities hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>additional
information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may read any document that the
Company has filed with the SEC at the SEC&rsquo;s public reference room in Washington, D.C. You may also obtain copies of
those documents from the public reference room of the SEC at 100 F Street, N.E., Washington, D.C. 20549 by paying a fee. You
should call the SEC at 1-800-SEC-0330 or access its website at www.sec.gov for further information about the public reference
room. You may read and download the documents the Company has filed with the SEC&rsquo;s Electronic Data Gathering and
Retrieval system at www.sec.gov. You may also read and download any public document we file with or furnish to the securities
commissions and regulatory authorities in the provinces of Canada other than <FONT STYLE="font-size: 10pt">Qu&eacute;bec</FONT>,
on our SEDAR profile at www.sedar.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Additional Page for Canadian Prospectus]</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="b_001"></A>Statutory
Rights of Withdrawal and Rescission</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless provided otherwise in a Prospectus
Supplement, the following is a description of a purchaser&rsquo;s statutory rights. Securities legislation in certain of the provinces
of Canada provides purchasers with the right to withdraw from an agreement to purchase Securities. This right may be exercised
within two business days after receipt or deemed receipt of a prospectus or a prospectus supplement (including a pricing supplement)
relating to the Securities purchased by a purchaser and any amendments thereto. In several of the provinces, the securities legislation
further provides a purchaser with remedies for rescission or, in some jurisdictions, damages, if the prospectus or prospectus supplement
relating to the Securities purchased by a purchaser and any amendments thereto contain a misrepresentation or is not delivered
to the purchaser, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed
by the securities legislation of the purchaser&rsquo;s province. The purchaser should refer to any applicable provisions of the
securities legislation of the purchaser&rsquo;s province for the particulars of these rights or consult with a legal adviser. Rights
and remedies also may be available to purchasers under U.S. law; purchasers may wish to consult with a U.S. lawyer for particulars
of these rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Original purchasers are advised that in
certain provinces the statutory right of action for damages in connection with a prospectus misrepresentation is limited to the
amount paid for the convertible, exchangeable or exercisable security that was purchased under a prospectus, and therefore a further
payment at the time of conversion, exchange or exercise may not be recoverable in a statutory action for damages. The purchaser
should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s province for the particulars of
these rights, or consult with a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Additional Page for Canadian Prospectus]</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="b_002"></A>CERTIFICATE OF TRILOGY METALS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify"> Dated: November ___, 2017 </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This short form prospectus, together with
the documents incorporated in this prospectus by reference, constitutes full, true and plain disclosure of all material facts relating
to the securities offered by this prospectus as required by the securities legislation in each of the provinces of British Columbia,
Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center; width: 45%">(Signed) <I>Rick Van Nieuwenhuyse</I><BR>
President, Chief Executive Officer and Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center; width: 45%">(Signed) <I>Elaine Sanders</I><BR>
Chief Financial Officer and Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ON BEHALF OF THE
BOARD OF DIRECTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; text-align: center"> (Signed) <I>Kalidas Madhavpeddi</I> </TD>
    <TD STYLE="width: 10%; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 45%; text-align: center"> (Signed) <I>Janice Stairs</I> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">C-1</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PART II<BR>
INFORMATION NOT REQUIRED IN THE PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 14. Other Expenses of Issuance
and Distribution</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the estimated
costs and expenses, other than underwriting discounts and commissions, payable by the registrant in connection with the offering
of the securities being registered. All the amounts shown are estimates, except for the SEC registration fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: justify">SEC registration fee</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">5,795</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Accounting fees and expenses*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Legal fees and expenses*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">FINRA fees*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Transfer Agent and Registrar Fees and Expenses*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Printing fees*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Miscellaneous expenses*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Total*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">153,795</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* Estimated for purposes of completing
the information required pursuant to this item&nbsp;14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 15. Indemnification of Officers
and Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The <I>Business Corporations Act</I> (British
Columbia) provides that a company may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">indemnify an eligible party against all judgments, penalties or fines
awarded or imposed in, or amounts paid in settlement of, an eligible proceeding, to which the eligible party is or may be liable;
and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">after the final disposition of an eligible proceeding, pay the &ldquo;expenses&rdquo;
(which includes costs, charges and expenses (including legal fees) but excludes judgments, penalties, fines or amounts paid in
settlement of a proceeding) actually and reasonably incurred by an eligible party in respect of that proceeding.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">However, after the final disposition
of an eligible proceeding, a company must pay expenses actually and reasonably incurred by an eligible party in respect of that
proceeding if the eligible party (i) has not been reimbursed for those expenses, and (ii) is wholly successful, on the merits
or otherwise, or is substantially successful on the merits, in the outcome of the proceeding. The BCBCA also provides that a company
may pay the expenses as they are incurred in advance of the final disposition of an eligible proceeding if the company first receives
from the eligible party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited
under the BCBCA, the eligible party will repay the amounts advanced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purpose of
the BCBCA, an &ldquo;eligible party&rdquo;, in relation to a company, means an individual who:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify">is or was a director or officer of the company;</TD></TR>
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify">is or was a director or officer of another corporation</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify">at a time when the corporation is or was an affiliate of the company, or</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify">at the request of the company; or</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify">at the request of the company, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and includes, with some exceptions, the
heirs and personal or other legal representatives of that individual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An &ldquo;eligible proceeding&rdquo; under
the BCBCA is a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible
party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent
to that of a director or officer of, the company or an associated corporation (i) is or may be joined as a party, or (ii) is or
may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding. A &ldquo;proceeding&rdquo;
includes any legal proceeding or investigative action, whether current, threatened, pending or completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, the BCBCA
prohibits indemnifying an eligible party or paying the expenses of an eligible party if any of the following conditions apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that such agreement
was made, the company was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if the indemnity or payment is made otherwise than under an earlier
agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the company is prohibited from giving
the indemnity or paying the expenses by its memorandum or articles;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if, in relation to the subject matter of the eligible proceeding,
the eligible party did not act honestly and in good faith with a view to the best interests of the company or the associated corporation,
or as the case may be; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in the case of an eligible proceeding other than a civil proceeding,
if the eligible party did not have reasonable grounds for believing that the eligible party&rsquo;s conduct in respect of which
the proceeding was brought was lawful.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, if an eligible proceeding
is brought against an eligible party by or on behalf of the company or by or on behalf of an associated corporation, the company
must not (i) indemnify the eligible party in respect of the proceeding; or (ii) pay the expenses of the eligible party in respect
of the proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whether or not payment of expenses or
indemnification has been sought, authorized or declined under the BCBCA, on the application of a company or an eligible party,
the Supreme Court of British Columbia may do one or more of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">order a company to indemnify an eligible party against any liability
incurred by the eligible party in respect of an eligible proceeding;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">order a company to pay some or all of the expenses incurred by an
eligible party in respect of an eligible proceeding;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">order the enforcement of, or any payment under, an agreement of indemnification
entered into by a company;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">order a company to pay some or all of the expenses actually and reasonably
incurred by any person in obtaining an order under this section; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">make any other order the court considers appropriate.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The BCBCA provides that a company may purchase and maintain
insurance for the benefit of an eligible party or the heirs and personal or other legal representatives of the eligible party
against any liability that may be incurred by reason of the eligible party being or having been a director or officer of, or holding
or having held a position equivalent to that of a director or officer of, the company or an associated corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Articles of the Registrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Registrant&rsquo;s articles provide
that, subject to the BCBCA, the Registrant must indemnify a director or former director and his or her heirs and legal personal
representatives against all eligible penalties to which such person is or may be liable. Pursuant to the Registrant&rsquo;s articles,
each director is deemed to have contracted with the Registrant on the aforementioned terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Registrant&rsquo;s articles further
provide that the Registrant may indemnify any person, subject to any restrictions in the BCBCA, and that the failure of a director
or officer of the Registrant to comply with the BCBCA or the Registrant&rsquo;s articles does not invalidate any indemnity to which
he or she is entitled under the Registrant&rsquo;s articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Registrant is authorized by its articles
to purchase and maintain insurance for the benefit of any eligible person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the
foregoing provisions, the Registrant has been informed that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act, and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Registrant maintains directors&rsquo;
and officers&rsquo; liability insurance for its directors. This insurance provides coverage for indemnity payments made by the
Registrant to its directors and officers as required or permitted by law for losses, including legal costs, incurred by officers
and directors in their capacity as such. This policy also provides coverage directly to individual directors and officers if they
are not indemnified by the Registrant. The insurance coverage for directors and officers has customary exclusions, including libel
and slander, and those acts determined to be uninsurable under law, or deliberately fraudulent or dishonest or to have resulted
in personal profit or advantage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 16. Exhibits and Financial Statement
Schedules</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67px; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    Number</B></FONT> </TD>
    <TD STYLE="width: 5px; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
    of Document</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT> </TD>
    <TD STYLE="padding-top: 4pt; text-align: justify"> &nbsp; </TD>
    <TD STYLE="padding-top: 4pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Underwriting Agreement*</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant
    Certificate*</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Share
    Purchase Contract*</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex5-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex5-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion and Consent
    of Blake, Cassels &amp; Graydon LLP&nbsp;</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of PricewaterhouseCoopers LLP</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex5-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex5-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Blake,
    Cassels &amp; Graydon LLP (included in Exhibit&nbsp;5.1)</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of BD
    Resource Consulting Inc.</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.4</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of SIM
    Geological Inc.</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-5.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.5</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-5.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of International
    Metallurgical &amp; Environmental Inc.</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-6.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.6</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-6.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Erin
    Workman</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-7.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.7</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-7.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Andrew
    West</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power
    of Attorney (included on signature page)</FONT></A> </TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"> * </TD><TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-weight: normal">To
                                         be filed by post-effective amendment or as an exhibit to a report pursuant to Section
                                         13(a) or 15(d) of the Exchange Act and incorporated herein by reference.</FONT> </TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 17. Undertakings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)
if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering
price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>provided, however</I>,
that the undertakings set forth in paragraphs (1)(i), (1)(ii) and (1)(iii) above do not apply if the registration statement is
on Form S-1, Form S-3, Form SF-3 or Form F-3 and the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)
of the Exchange Act that are incorporated by reference in the registration statement, or, as to a registration statement on Form
S-3, Form SF-3 or Form F-3, is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b) that is part of the registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Registrant is relying on Rule&nbsp;430B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70pt; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to be part of the registration statement as
of the date the filed prospectus was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70pt; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x) for the purpose of providing the
information required by section&nbsp;10(a) of the Securities Act shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract
of sale of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the
issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration
statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. Provided, however, that no statement made in
a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to
a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such effective date; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Registrant is subject to Rule&nbsp;430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement
relating to an offering, other than registration statements relying on Rule&nbsp;430B or other than prospectuses filed in reliance
on Rule&nbsp;430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after
effectiveness. <I>Provided, however</I>, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus
that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede
or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or
made in any such document immediately prior to such date of first use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: (i) any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;
(ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant; (iii) the portion of any other free writing prospectus relating to the offering containing material
information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and (iv)
any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant
to section&nbsp;13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s
annual report pursuant to section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
SEC such indemnification is against public policy as expressed in the Securities Act, and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act, and will be governed
by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant
to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the
time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Pursuant to the requirements
of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized in the City of Vancouver, British Columbia, Canada, on this 17th day of November, 2017. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><B>TRILOGY METALS INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Elaine M. Sanders</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: left">Name:</TD>
    <TD STYLE="width: 40%; text-align: left">Elaine M. Sanders</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD>
    <TD STYLE="text-align: left">Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_023"></A>POWERS OF
ATTORNEY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL PERSONS BY
THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Rick Van Nieuwenhuyse and Elaine
M. Sanders, and each of them, his or her true and lawful attorneys-in-fact and agents, each acting alone, with the powers of substitution
and revocation, for him or her and in his or her name, place and stead, in any and all capacities, to sign this registration statement
on Form S-3, and any and all amendments (including post-effective amendments) thereto, and to file the same, with all exhibits
thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying
and confirming that all such attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities
indicated below on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <B>Signature</B> </P></TD>
    <TD STYLE="width: 2%; text-align: center; padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <B>Title</B> </P></TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 20%; text-align: center; border-bottom: Black 1pt solid"> <B>Date</B> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> /s/
                                         *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> President, Chief Executive Officer and Director </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> November 17, 2017 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> Rick Van Nieuwenhuyse </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> (Principal Executive Officer) </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> /s/
                                         Elaine M. Sanders </P></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: justify"> Chief Financial Officer (Principal Financial Officer </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> November 17, 2017 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> Elaine M. Sanders </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> and Principal Accounting Officer) </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> /s/
                                         *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> Chairman of the Board of Directors </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> November 17, 2017 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> Gerald J. McConnell </TD>
    <TD STYLE="text-align: center"></TD>
    <TD STYLE="text-align: justify"></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> /s/
                                         *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> Director </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> November 17, 2017 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> Tony S. Giardini </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> Director </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> William
        Hayden </P></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <B>Signature</B> </P></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; width: 2%"> <B>&nbsp;</B> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <B>Title</B> </P></TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 20%"> <B>Date</B> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 38%"> &nbsp; </TD>
    <TD STYLE="text-align: center; width: 2%"> &nbsp; </TD>
    <TD STYLE="text-align: justify; width: 38%"> &nbsp; </TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="text-align: center; width: 20%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> /s/
                                         *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> Director </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> November 17, 2017 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> Gregory A. Lang </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> /s/
                                         *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> Director and Authorized US Representative </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> November 17, 2017 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> Kalidas V. Madhavpeddi </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> /s/
                                         *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> Director </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> November 17, 2017 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> Janice Stairs </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> /s/
                                         *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> Director </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> November 17, 2017 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> Diana Walters </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><P STYLE="margin: 0"> * /s/ Elaine M. Sanders </P>


</TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><P STYLE="margin: 0"> Elaine M. Sanders, Attorney-in-fact </P>


</TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AUTHORIZED REPRESENTATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of Section&nbsp;6(a) of the Securities Act of 1933, as amended, the undersigned has signed this registration statement,
solely in the capacity of director of Trilogy Metals Inc. and the duly authorized representative of Trilogy Metals Inc. in the
United States, on November 17, 2017. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    </FONT>&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Kalidas V. Madhavpeddi</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalidas V. Madhavpeddi</FONT></TD>
    <TD STYLE="text-align: justify; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director and Authorized US Representative</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67px; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    Number</B></FONT> </TD>
    <TD STYLE="width: 5px; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
    of Document</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT> </TD>
    <TD STYLE="padding-top: 4pt; text-align: justify"> &nbsp; </TD>
    <TD STYLE="padding-top: 4pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Underwriting Agreement*</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant
    Certificate*</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Share
    Purchase Contract*</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex5-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex5-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion and Consent
    of Blake, Cassels &amp; Graydon LLP&nbsp;</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of PricewaterhouseCoopers LLP</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex5-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex5-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Blake,
    Cassels &amp; Graydon LLP (included in Exhibit&nbsp;5.1)</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of BD
    Resource Consulting Inc.</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.4</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of SIM
    Geological Inc.</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-5.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.5</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-5.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of International
    Metallurgical &amp; Environmental Inc.</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-6.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.6</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-6.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Erin
    Workman</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-7.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.7</FONT> </A></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="tv479834_ex23-7.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Andrew
    West</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power
    of Attorney (included on signature page)</FONT></A> </TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"> <FONT STYLE="font-weight: normal">*</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-weight: normal">To
                                         be filed by post-effective amendment or as an exhibit to a report pursuant to Section
                                         13(a) or 15(d) of the Exchange Act and incorporated herein by reference.</FONT> </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>



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<DESCRIPTION>EXHIBIT 5.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B></B></P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">November
17, 2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trilogy
Metals Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Suite
1150, 609 Granville Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vancouver,
B.C. V7Y 1G5</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp; <B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re: Trilogy Metals Inc. &ndash; Registration Statement on
Form S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs/Mesdames:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as Canadian counsel to Trilogy
Metals Inc., a company formed under the laws of British Columbia (the &ldquo;Company&rdquo;), in connection with the preparation
and filing with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;) of a Registration Statement (the &ldquo;Registration
Statement&rdquo;) on Form S-3 under the United States Securities Act of 1933, as amended (the &ldquo;Act&rdquo;). The Registration
Statement registers the issuance and sale of up to US$50,000,000 of the Company's common shares (&ldquo;Shares&rdquo;), warrants
to purchase Shares (&ldquo;Warrants&rdquo;) and share purchase contracts (&ldquo;Share Purchase Contracts&rdquo;) (collectively,
the &ldquo;Securities&rdquo;), all of which may be issued from time to time on a delayed or continuous basis pursuant to Rule 415
under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Registration Statement includes a prospectus
(the &ldquo;Prospectus&rdquo;), which provides that it will be supplemented in the future by one or more prospectus supplements
(each, a &ldquo;Prospectus Supplement&rdquo;). The Warrants may be issued under one or more warrant indentures (each, a &ldquo;Warrant
Indenture&rdquo;) in a form that will be filed as an exhibit to a post-effective amendment to the Registration Statement or incorporated
by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Share Purchase Contracts will be issued
under one or more share purchase contract agreements (each, a &ldquo;Share Purchase Contract Agreement&rdquo;) in a form that will
be filed as an exhibit to a post-effective amendment to the Registration Statement or incorporated by reference therein (a &ldquo;Share
Purchase Contract Agreement&rdquo;). The Warrant Indentures and Share Purchase Contract Agreements are referred to herein collectively
as &ldquo;Governing Documents&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this opinion, we have
examined the Registration Statement and the Prospectus, and such matters of fact and questions of law as we have considered appropriate
for purposes of this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are qualified to carry on the practice
of law in the Province of British Columbia. Our opinion below is expressed only with respect to the laws of the Province of British
Columbia and the federal laws of Canada applicable therein, in each case, in effect on the date hereof. We express no opinion with
respect to the laws of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have no responsibility or obligation
to (i) update this opinion, (ii) take into account or inform the addressee or any other person of any changes in law, facts or
other developments subsequent to this date that do or may affect the opinions we express, or (iii) advise the addressee or any
other person of any other change in any matter addressed in this opinion. Nor do we have any responsibility or obligation to consider
the applicability or correctness of this opinion to any person other than the addressee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our opinions expressed herein are based
on the following assumptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">at or prior to the time of the delivery of any Securities, the Registration Statement, as finally
amended (including all necessary post-effective amendments), will have become effective under the Act and such effectiveness will
not have been terminated or rescinded;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">an appropriate Prospectus Supplement with respect to the offered Securities will have been prepared
and filed in compliance with the Act and the applicable rules and regulations thereunder;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">all Securities will be offered, issued and sold in compliance with applicable United States federal
and state securities laws and in the manner stated in the Registration Statement, the Prospectus and the appropriate Prospectus
Supplement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">if the offered Securities are to be sold pursuant to a definitive purchase, subscription, underwriting
or similar agreement, such agreement will have been duly authorized, executed and delivered by the Company and the other parties
thereto;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">at the time of any offering or sale of any Shares, or any Warrants or Share Purchase Contracts
exercisable, exchangeable or convertible into Shares, in whole or in part, (together, &ldquo;Convertible Securities&rdquo;) and
as of the date of the issuance of any Shares issuable upon exercise of any Convertible Securities, there will be sufficient Shares
authorized and unissued under the Company's then operative constating documents and not otherwise reserved for issuance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">any Shares issuable upon exercise of offered Convertible Securities will have been duly authorized,
created and reserved for issuance upon such exercise;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">at the time of the issuance of any Securities, the Company validly exists and is duly qualified
and in good standing under the laws of its jurisdiction of incorporation and has the necessary corporate power and authority to
issue such Securities and to execute and deliver any applicable Governing Document;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">any applicable Governing Document will have been duly authorized, executed and delivered by the
parties thereto (other than the Company), as applicable, and will constitute a legally valid and binding obligation of the parties
thereto (other than the Company), enforceable against each of them in accordance with its terms;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any Governing Document is governed by British Columbia law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">the terms of the offered Securities and of their issuance and sale have been duly established in
conformity with the Company's constating documents, so as not to violate any applicable law or Governing Document, or result in
a default under or breach of any agreement or instrument binding upon the Company, and so as to comply with any requirement or
restriction imposed by any court or governmental body having jurisdiction over the Company and the parties (other than the Company)
to a Governing Document, as applicable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">the board of directors of the Company (the &ldquo;Board&rdquo;) will have taken all necessary corporate
action, including the adoption of a resolution or resolutions of the Board in form and content as required by applicable law, to
approve the issuance and terms of the offered Securities, the consideration to be received therefor, the applicable Governing Documents,
if any, and the execution thereof, and related matters (the &ldquo;Authorization&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">the Company will have received the agreed upon consideration for the issuance of the offered Securities
and such Securities will have been delivered by or on behalf of the Company against payment therefor; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">the offered Securities will have been duly authorized, established, certificated, executed, delivered,
countersigned and registered, as applicable, in accordance with the provisions of the Company's constating documents, applicable
law, applicable Governing Documents, if any, and the Authorization.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the foregoing and the other
matters set forth herein, we are of the opinion that, as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">With respect to the Shares, when issued, sold and delivered in the manner and for the consideration
stated in the applicable definitive purchase, underwriting or similar agreement approved by the Board, upon payment of the consideration
provided therein to the Company, or upon conversion, exchange or exercise of any other Security in accordance with the terms of
such Security or the instrument governing such Security providing for such conversion, exchange or exercise as approved by the
Board, for the consideration approved by the Board, each of the Shares will be validly issued, fully paid and non-assessable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">With respect to the Warrants, when (a) one or more agreements (incorporating the provisions as
are contained in a document which will be filed as an exhibit to or incorporated by reference in the Registration Statement) have
been duly executed and delivered by the Company and a warrant agent, and (b) the Warrants have been issued, sold and delivered
in the manner and for the consideration stated in the applicable definitive purchase, underwriting or similar agreement as approved
by the Board, for the consideration approved by the Board, the Warrants will be valid and binding obligations of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">With respect to the Share Purchase Contracts, when (a) one or more agreements (incorporating the
provisions as are contained in a document which will be filed as an exhibit to or incorporated by reference in the Registration
Statement) have been duly executed and delivered by the Company and a third party, and (b) Share Purchase Contracts have been issued,
sold and delivered in the manner and for the consideration stated in the applicable definitive purchase, underwriting or similar
agreement as approved by the Board, for the consideration approved by the Board, the Share Purchase Contracts will be valid and
binding obligations of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT=""></TD><TD STYLE="width: 50%; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion letter has been prepared for
your use in connection with the Registration Statement and is expressed as of the date hereof. Our opinion is expressly limited
to the matters set forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating
to the Company, the Prospectus, the Registration Statement or the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this
opinion letter as an exhibit to the Registration Statement and to the reference to this firm on the cover page and under the caption
&ldquo;Legal Matters&rdquo; in the Prospectus. In giving this consent, we do not hereby agree that we are within the category of
persons whose consent is required under Section 7 of the Act or the rules and regulations of the SEC promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yours truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<I>Blake, Cassels &amp; Graydon LLP</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tv479834_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><IMG SRC="image_007.jpg" ALT=""></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">We hereby consent to the incorporation by reference in this registration
statement on Form S-3 No. 333-220484 of Trilogy Metals Inc. of our report dated February 2, 2017 relating to the consolidated
financial statements of Trilogy Metals Inc., which appears in Trilogy Metals Inc.'s Annual Report on Form 10-K for the year ended
November 30, 2016.&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><B>(Signed) &ldquo;PricewaterhouseCoopers LLP&rdquo;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><B>Chartered Professional Accountants</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">November 17, 2017&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>4
<FILENAME>tv479834_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
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<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.3</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT <FONT STYLE="text-transform: uppercase">OF
BD Resource Consulting, Inc.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby consents to the
inclusion in or incorporation by reference in this registration statement on Form S-3 (the &ldquo;Registration Statement&rdquo;)
of Trilogy Metals Inc., which is being filed with the United States Securities and Exchange Commission, to any amendments or post-effective
amendments to the Registration Statement and to any prospectuses or prospectus supplements thereto, of references to the undersigned&rsquo;s
name and BD Resource Consulting, Inc.&rsquo;s name and to the use of the scientific and technical information, including any reserve
and resource estimates, from (i) the technical report titled &ldquo;NI 43-101 Technical Report on the Bornite Project, Northwest
Alaska, USA&rdquo; dated effective April 19, 2016 and released May 16, 2016, (ii) the technical report titled &ldquo;Amended NI
43-101 Technical Report on the Bornite Project, Northwest Alaska, USA&rdquo; dated effective April 19, 2016 and released October
12, 2017 and (iii) the technical report titled &ldquo;NI 43-101 Technical Report on the Arctic Project, Northwest Alaska, USA&rdquo;
dated effective April 25, 2017 and released November&nbsp;9,&nbsp;2017 (collectively, the &ldquo;Technical Information&rdquo;),
including extracts from or summaries of the Technical Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">DATED: November 17, 2017</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Bruce Davis</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: Bruce Davis</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title: President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BD Resource Consulting, Inc.</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

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<P STYLE="margin: 0; text-align: right"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>5
<FILENAME>tv479834_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT <FONT STYLE="text-transform: uppercase">OF
SIM GEOLOGICAL Inc.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby consents to the
inclusion in or incorporation by reference in this registration statement on Form S-3 (the &ldquo;Registration Statement&rdquo;)
of Trilogy Metals Inc., which is being filed with the United States Securities and Exchange Commission, to any amendments or post-effective
amendments to the Registration Statement and to any prospectuses or prospectus supplements thereto, of references to the undersigned&rsquo;s
name and SIM Geological Inc.&rsquo;s name and to the use of the scientific and technical information, including any reserve and
resource estimates, from (i) the technical report titled &ldquo;NI 43-101 Technical Report on the Bornite Project, Northwest Alaska,
USA&rdquo; dated effective April 19, 2016 and released May 16, 2016, (ii) the technical report titled &ldquo;Amended NI 43-101
Technical Report on the Bornite Project, Northwest Alaska, USA&rdquo; dated effective April 19, 2016 and released October 12, 2017
and (iii) the technical report titled &ldquo;NI 43-101 Technical Report on the Arctic Project, Northwest Alaska, USA&rdquo; dated
effective April 25, 2017 and released November&nbsp;9,&nbsp;2017 (collectively, the &ldquo;Technical Information&rdquo;), including
extracts from or summaries of the Technical Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">DATED: November 17, 2017</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Robert Sim</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: Robert Sim</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title: President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SIM Geological Inc.</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>6
<FILENAME>tv479834_ex23-5.htm
<DESCRIPTION>EXHIBIT 23.5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT <FONT STYLE="text-transform: uppercase">OF
International Metallurgical &amp; Environmental Inc.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby consents to the
inclusion in or incorporation by reference in this registration statement on Form S-3 (the &ldquo;Registration Statement&rdquo;)
of Trilogy Metals Inc., which is being filed with the United States Securities and Exchange Commission, to any amendments or post-effective
amendments to the Registration Statement and to any prospectuses or prospectus supplements thereto, of references to the undersigned&rsquo;s
name and International Metallurgical &amp; Environmental Inc.&rsquo;s name and to the use of the scientific and technical information,
including any reserve and resource estimates, from (i)&nbsp;the technical report titled &ldquo;NI 43-101 Technical Report on the
Bornite Project, Northwest Alaska, USA&rdquo; dated effective April 19, 2016 and released May 16, 2016, (ii) the technical report
titled &ldquo;Amended NI 43-101 Technical Report on the Bornite Project, Northwest Alaska, USA&rdquo; dated effective April 19,
2016 and released October 12, 2017 and (iii) the technical report titled &ldquo;NI 43-101 Technical Report on the Arctic Project,
Northwest Alaska, USA&rdquo; dated effective April 25, 2017 and released November&nbsp;9,&nbsp;2017 (collectively, the &ldquo;Technical
Information&rdquo;), including extracts from or summaries of the Technical Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">DATED: November 17, 2017</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Jeffrey B. Austin</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: Jeffrey B. Austin</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title: President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">International Metallurgical &amp; Environmental
        Inc.</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.6
<SEQUENCE>7
<FILENAME>tv479834_ex23-6.htm
<DESCRIPTION>EXHIBIT 23.6
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT <FONT STYLE="text-transform: uppercase">OF
ERIN WORKMAN</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby consents to the
inclusion in or incorporation by reference in this registration statement on Form S-3 (the &ldquo;Registration Statement&rdquo;)
of Trilogy Metals Inc. (&ldquo;Trilogy&rdquo;), which is being filed with the United States Securities and Exchange Commission,
to any amendments or post-effective amendments to the Registration Statement and to any prospectuses or prospectus supplements
thereto, of references to the undersigned&rsquo;s name and to the use of the scientific and technical information, including any
reserve and resource estimates, included in (i) the &ldquo;Bornite Project&rdquo; section in Trilogy&rsquo;s Annual Report on Form
10-K for the year ended November 30, 2016; (ii) Trilogy&rsquo;s Management&rsquo;s Discussion and Analysis for the quarter and
year ended November 30, 2016; and (iii)&nbsp;Trilogy&rsquo;s Management&rsquo;s Discussion and Analysis for the quarter ended February
28, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DATED: November 17, 2017</P></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Erin Workman</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name: Erin Workman </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.7
<SEQUENCE>8
<FILENAME>tv479834_ex23-7.htm
<DESCRIPTION>EXHIBIT 23.7
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT <FONT STYLE="text-transform: uppercase">OF
Andrew West</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby consents to the
inclusion in or incorporation by reference in this registration statement on Form S-3 (the &ldquo;Registration Statement&rdquo;)
of Trilogy Metals Inc. (&ldquo;Trilogy&rdquo;), which is being filed with the United States Securities and Exchange Commission,
to any amendments or post-effective amendments to the Registration Statement and to any prospectuses or prospectus supplements
thereto, of references to the undersigned&rsquo;s name and to the use of the scientific and technical information, including any
reserve and resource estimates, included in (i) Trilogy&rsquo;s Management&rsquo;s Discussion and Analysis for the quarter ended
May 31, 2017 and (ii) Trilogy&rsquo;s Management&rsquo;s Discussion and Analysis for the quarter ended August 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DATED: November 17, 2017</P></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Andrew West</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name: Andrew West </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TYPE>GRAPHIC
<SEQUENCE>9
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<DOCUMENT>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
