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The news flow associated with SOUTH32 LTD SPNS/ADR (SOUHY) in the supplied material centers on South32 Limited’s role in Ambler Metals LLC and its investment in Trilogy Metals Inc. Ambler Metals is described as a joint venture operating company equally owned by Trilogy Metals and a wholly owned subsidiary of South32 Limited, and it holds a 100 percent interest in the Upper Kobuk Mineral Projects (UKMP) in the Ambler Mining District in northwestern Alaska.
News releases highlight programs and budgets approved by Ambler Metals for exploration and project advancement at the UKMP. These include multi‑million‑dollar work programs for drilling at the Arctic volcanogenic massive sulphide deposit, exploration around the Bornite carbonate replacement deposit, and broader target testing in the Ambler VMS Belt. The updates also discuss engineering, environmental and technical studies designed to support mine design, permitting preparation, and long‑term development planning.
Additional coverage describes the Ambler Access Project, a proposed 211‑mile, industrial‑use‑only road that would connect the Ambler Mining District to the Dalton Highway. In these releases, it is envisioned that companies such as Ambler Metals, the 50/50 joint venture involving South32’s subsidiary, would enter into commercial agreements to use the road and pay tolls to the Alaska Industrial Development and Export Authority and its financing partners.
Other news items note South32’s participation, through a wholly owned subsidiary, in a private placement of common shares of Trilogy Metals Inc., identifying South32 as one of Trilogy’s largest shareholders after the transaction. There are also updates on feasibility study results for the Arctic Project and mineral resource reports for the Bornite Project, which relate to assets held by Ambler Metals.
Investors following SOUHY‑related news can therefore expect coverage of joint venture budgets and drilling campaigns, technical and feasibility study milestones, infrastructure and permitting developments linked to the Ambler Access Project, and financing transactions involving Trilogy Metals and South32’s subsidiary. These updates provide context on how South32, referenced via its SOUHY ADRs, is connected to exploration and project advancement activities in the Ambler Mining District.
Trilogy Metals (NYSE American: TMQ) and joint venture Ambler Metals approved the 2026 Ambler program ~ $35 million to advance the Upper Kobuk Mineral Projects toward permitting, technical de‑risking and development.
Key items: Ambler is targeting mine permit submissions in 2026 and may pursue federal FAST‑41 coordination; 2026 work focuses on Arctic geotechnical/condemnation drilling, Bornite camp re‑opening and rebuilding an independent management team. Trilogy approved a 2026 corporate budget ~ $5 million, holds cash > $50 million, and raised ~$25 million via an ATM in Oct 2025 (3,513,495 shares at $7.12). An anticipated $35.6 million US government strategic investment is expected to close in early 2026 to fund Ambler Metals.
Summary not available.
On April 25, 2023, Trilogy Metals (AMEX: TMQ, TSX: TMQ) announced the successful closure of a non-brokered private placement, issuing 5,854,545 common shares at US$0.55 each, generating gross proceeds of US$3.22 million.
The placement was primarily backed by major shareholders, Electrum Strategic Opportunities Fund and South32 Limited, each investing US$1.2 million. Post-transaction, Electrum holds 21.0% and South32 holds 12.0% of Trilogy's common shares.
Funds will be utilized for general corporate purposes. Notably, related party transactions within the placement did not require minority approval due to the transaction's size relative to Trilogy's market capitalization.
Trilogy Metals (TMQ) reported a net loss of $5.1 million for Q1 FY2023, compared to $5.0 million in the same period last year. This loss was primarily due to increased stock-based compensation and professional fees, although it was partially offset by reduced losses from Ambler Metals LLC. Total expenses rose to $3.6 million from $3.1 million, highlighting a focus on cash preservation strategies as the company holds $1.7 million in cash. Future financing will be necessary to sustain operations, raising concerns about Trilogy's ability to continue as a going concern.
Trilogy Metals announced the final drilling results from the Arctic Project in Alaska for 2022, revealing significant mineralization. The 2022 drilling program totaled 10,738 meters, with 8,376 meters focused on the Arctic deposit, marking the highest drilling season to date. Noteworthy intersections include hole AR22-0205, which presented 42.77 meters of 3.09% copper, 6.21% zinc, 1.46% lead, and 72.14 g/t silver. CEO Tony Giardini emphasized Arctic's status as a high-grade copper deposit, essential for sustainable resource development. The results support further exploration in the region.
Trilogy Metals Inc. has released promising drilling results from the 2022 field season at the Upper Kobuk Mineral Projects in northwestern Alaska. The latest assay results, covering 17 additional holes, show high-grade copper, zinc, lead, gold, and silver mineralization, with copper equivalent grades exceeding 14%. The 2022 drilling program included 10,738 meters, focusing on infill drilling at the Arctic deposit, which is recognized for its exceptional grades. CEO Tony Giardini highlighted the project's potential, while VP Richard Gosse confirmed the results align with the resource model, showcasing consistent mineralization in key zones.
Trilogy Metals Inc. (AMEX: TMQ) reported its fiscal 2022 results, revealing a net loss of $24.3 million or $0.17 per share, compared to $21.7 million or $0.15 per share in 2021. The increase in loss was driven by a $4.3 million rise in share losses from Ambler Metals due to higher mineral property expenses. The company maintains a cash position of $2.6 million for operations, while its joint venture partner, South32, holds $80.8 million for project advancement. The 2023 budget for Ambler Metals is set at $9.2 million for the UKMP and $1.0 million for the Ambler Access Project.
Trilogy Metals has released an updated Feasibility Study (2023 FS) for its Arctic Copper-Zinc-Lead-Silver-Gold Project in Alaska, highlighting a pre-tax Net Present Value (NPV) of $1.5 billion and an Internal Rate of Return (IRR) of 25.8%. At current metal prices, the pre-tax NPV increases to $2.1 billion with an IRR of 31.5%. The project entails a 10,000 tonne-per-day operation over a minimum 13-year mine life. Key factors include increased capital costs of $1.18 billion and estimated closure costs of $428 million. The conference call to discuss these results is scheduled for February 15, 2023.
Trilogy Metals Inc. (TMQ) announced that on August 12, 2022, its joint venture, Ambler Metals LLC, hosted tribal leaders from the Doyon and NANA regions in Alaska. The event fostered dialogue about the potential economic benefits of the Ambler Mining District project, highlighting job creation and lower transportation costs. CEO Ramzi Fawaz emphasized respect for local communities and the environment. The project aims to develop the Ambler Mining District into a significant North American copper producer, leveraging partnerships with local tribes to ensure mutual benefits.
Trilogy Metals Inc. (TMQ, SOUHY) announced impressive results from its 2021 drilling program at the Arctic Project, part of the Ambler Mining District in Alaska. The company reported high-grade mineralization across several drill holes, including significant intersections of copper, zinc, lead, gold, and silver, with copper equivalent grades reaching up to 8.79%. The 2022 drilling campaign is expected to further explore these promising finds while the Ambler Access Project faces delays due to regulatory review. Trilogy aims to solidify its position as a premier North American copper producer.