ELECTRUM STRATEGIC OPPORTUNITIES FUND L.P. DISCLOSES CHARITABLE DONATION OF COMMON SHARES OF TRILOGY METALS INC. BY ITS JOINT ACTORS

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

NEW YORK, Dec. 29, 2025 /CNW/ - On December 26, 2025, certain  "joint actors" (as such term is defined in National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues) of Electrum Strategic Opportunities Fund L.P. ("Electrum") disposed of 957,072 common shares (the "Shares") in the capital of Trilogy Metals Inc. ("Trilogy") by way of a donation to a charitable foundation for no consideration.

As at the date of the filing of Electrum's last Form 62-103F1 relating to its securityholdings of Trilogy, being April 26, 2023 (the "Prior Report"), Electrum and its "joint actors" owned 32,561,813 Shares, representing approximately 21.03% of the issued and outstanding Shares on the date of the filing of the Prior Report. Following the disposition of Shares announced in this press release, Electrum owns 31,604,741 Shares, representing approximately 18.5% of the issued and outstanding Shares, and its "joint actors" own no Shares.

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

Trilogy is located at 510 Burrard Street, Suite 901, Vancouver, British Columbia, V6C 3A8.  Electrum is located at 600 Fifth Avenue, 24th Floor, New York, NY, USA 10020. A copy of the early warning report to which this news release relates can be obtained from Michael Williams (646-365-1600) or on the SEDAR+ profile of the issuer at www.sedarplus.ca. 

SOURCE Electrum Strategic Opportunities Fund L.P.