Trilogy Metals Stock Price, News & Analysis

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.

Trilogy Metals (NYSE American: TMQ) entered an equity distribution agreement on November 7, 2025 to establish an at-the-market program allowing up to US$200,000,000 of common shares to be sold from time to time through Cantor Fitzgerald and BMO Capital Markets as lead agents and additional agents.

Proceeds, if any, are expected to be used for continued development of the Upper Kobuk Mineral Projects (UKMP) in Alaska and for general corporate purposes. Sales will occur on the NYSE American at prevailing market prices and are not permitted in Canada. The agreement terminates on October 31, 2028 or when aggregate gross sales reach US$200,000,000. The ATM is being offered under a prospectus supplement dated November 7, 2025 to the Company’s Form S-3.

Trilogy Metals (NYSE American: TMQ) reported that the Alaska Industrial Development and Export Authority (AIDEA) has executed federal Right-of-Way permits for the Ambler Access Project, restoring federal authorizations needed to advance the proposed 211-mile industrial-use road from the Upper Kobuk Mineral Projects to the Dalton Highway.

The permits follow the Oct 6, 2025 Presidential decision under Section 1106 of ANILCA and restore a 50-year right-of-way originally granted in 2020. With permits in effect, AIDEA plans to update detailed engineering plans, programs and budgets next year to progress road planning.

Trilogy Metals (NYSE: TMQ) announced that on October 6, 2025 President Trump issued a decision under Section 1106 of ANILCA granting permits for the Ambler Access Project (Ambler Road), reversing a June 2024 "No Action" choice. The decision directs agencies to reinstate, grant and finalize permits to enable a proposed 211-mile industrial road linking the Ambler Mining District to the Dalton Highway.

The project is presented as critical infrastructure to support domestic supply chains for copper, cobalt, zinc and lead and to enable development of Trilogy's Arctic and Bornite deposits, while including stated environmental and subsistence protections and local economic opportunities.

Trilogy Metals (NYSE American: TMQ) entered a binding letter of intent with the U.S. Department of War (DOW), South32 and Ambler Metals for a strategic investment to advance the Upper Kobuk Mineral Projects (UKMP).

The DOW will invest approximately $35.6 million in two $17.8M tranches, acquiring ~10% of Trilogy, 8,215,570 units at $2.17 per unit and a separate purchase plus a 10-year call option for 6,161,678 shares exercisable at $0.01 after completion of the Ambler Access Project (Ambler Road).

Key terms: DOW may appoint one independent director for three years; Trilogy agrees not to incur >$1 billion new third‑party debt without DOW approval until Jan 1, 2029; closing is subject to Defense Production Act reauthorization, a FOCI review and customary approvals; letter of intent expires Mar 31, 2026 if conditions unmet.

Trilogy Metals (NYSE American: TMQ) reported its Q3 2025 financial results, posting a net loss of $1.7 million compared to $1.6 million in Q3 2024. For the nine-month period, losses increased to $7.5 million from $7.0 million year-over-year.

The company's joint venture with South32, Ambler Metals LLC, completed environmental baseline work and began a core re-boxing program. Ambler Metals maintains a cash position of $3.7 million with expenditures of $4.5 million tracking close to budget.

Trilogy holds $23.4 million in cash and working capital, with access to a $50 million base shelf prospectus and a $25 million ATM Program for future funding needs. The company believes its current cash position is sufficient for the next 12 months of operations.

Trilogy Metals (NYSE American: TMQ) reported its Q2 fiscal 2025 financial results, highlighting a cash position of $24.6 million and working capital of $23.8 million as of May 31, 2025. The company recorded a quarterly net loss of $2.2 million, up from $1.8 million in Q2 2024.

Key developments include the establishment of a Base Shelf Prospectus allowing for future issuance of up to $50 million in securities, and an ATM Program for up to $25 million in common shares. The company successfully held its AGM with all directors re-elected, receiving over 94% of votes.

The increased quarterly loss was primarily attributed to higher regulatory expenses and legal fees related to the Base Shelf Prospectus and ATM Program, along with changes in executive compensation structure returning to 100% cash payments.

Trilogy Metals (NYSE: TMQ) has established an At-The-Market (ATM) equity program through an agreement with BMO and Cantor Fitzgerald, allowing the company to raise up to US$25 million by issuing common shares. The shares will be sold at prevailing market prices through the TSX and NYSE American exchanges. The program will run until May 14, 2027 or until the full amount is raised. The proceeds will be used for developing the Upper Kobuk Mineral Projects and general corporate purposes. The offering is made under a prospectus supplement dated May 27, 2025, to the company's base shelf prospectus and U.S. shelf registration statement from April 14, 2025.

Trilogy Metals (NYSE: TMQ) held its Annual Meeting of Shareholders on May 13, 2025, in Vancouver, with 74.50% of eligible shares represented. All proposals were successfully approved, including the election of directors and various corporate governance matters. The director elections saw strong support, with all nominees receiving over 94% approval. Notable votes included the appointment of auditors with 99.85% support, approval of the Restricted Share Unit Plan with 97.88% in favor, and the Deferred Share Unit Plan receiving 97.86% approval. The non-binding resolution on executive compensation was approved with 98.15% support.