Trilogy Metals Reports Fiscal 2025 Year-End Results and Highlights Strategic U.S. Federal Support for Domestic Critical Minerals Production

Rhea-AI Summary

Trilogy Metals (NYSE American: TMQ) reported fiscal 2025 results and strategic U.S. federal support for the Upper Kobuk Mineral Projects (UKMP). Key items: a $17.8M conditional U.S. government investment, $51.6M cash at Nov 30, 2025, a $35M Ambler Metals 2026 budget, and targeting mine permit submissions in 2026.

The company recorded a $42.2M net loss (loss per share $0.26) driven by a $22.6M fair-value derivative loss and an $11.4M share of loss on equity investment.

Positive

• $17.8M U.S. federal investment commitment
• Strong cash balance of $51.6M as at Nov 30, 2025
• Ambler Metals approved $35M 2026 budget (Trilogy share $17.5M)
• AIDEA executed Right-of-Way permits re-establishing Ambler Road authorizations
• Targeting mine permit submissions in 2026 (may use FAST-41)

Negative

• Comprehensive net loss of $42.2M for fiscal 2025
• Recognized $22.6M non-cash derivative fair-value loss
• Share of loss on equity investment of $11.4M
• Increased professional and salary expenses compared with fiscal 2024

Market Reaction

-11.37% $3.74

15m delay 51 alerts

-11.37% Since News

$3.74 Last Price

$3.56 $4.00 Day Range

-$82M Valuation Impact

$639M Market Cap

0.8x Rel. Volume

Following this news, TMQ has declined 11.37%, reflecting a significant negative market reaction. Our momentum scanner has triggered 51 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $3.74. This price movement has removed approximately $82M from the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Cash balance: $51.6 million U.S. federal investment: $17.8 million Ambler JV budget 2026: $35 million +5 more

8 metrics

Cash balance $51.6 million As at November 30, 2025

U.S. federal investment $17.8 million Strategic commitment via units at $2.17 per unit

Ambler JV budget 2026 $35 million Approved Ambler Metals fiscal 2026 program; Trilogy share $17.5 million

Net loss 2025 $42.2 million Year ended November 30, 2025 (vs. $8.6 million in 2024)

Loss per share 2025 $0.26 Basic and diluted loss per common share (vs. $0.05 in 2024)

Loss on derivative $22.6 million Change in fair value of obligation to issue shares/warrants in 2025

Share of JV loss $11.392 million Share of loss on equity investment for year ended November 30, 2025

G&A expense $1.33 million General and administrative for year ended November 30, 2025

Market Reality Check

Price: $4.22 Vol: Volume 2,649,256 is at 0....

low vol

$4.22 Last Close

Volume Volume 2,649,256 is at 0.4x the 20-day average of 6,570,416, suggesting limited pre-news positioning. low

Technical Shares at $4.22 trade above the $3.16 200-day MA but remain 62.62% below the $11.29 52-week high and 275.11% above the $1.125 52-week low.

Peers on Argus

TMQ slipped 1.4% pre-news while key peers showed mixed moves: WRN +2.27%, NB +3....

1 Up 1 Down

TMQ slipped 1.4% pre-news while key peers showed mixed moves: WRN +2.27%, NB +3.57%, LZM -3.3%, NAK -3.57%, EMX +1.96%. Momentum scanner also flagged NB (down) and NEXA (up), reinforcing that today’s setup appears stock-specific rather than a coordinated sector rotation.

Historical Context

5 past events · Latest: Jan 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 20	Leadership expansion	Positive	+4.0%	Expanded advisory and leadership team following U.S. federal investment announcement.
Dec 17	2026 budget update	Positive	-2.3%	Approved 2026 Ambler and corporate budgets with strong cash and expected investment.
Nov 07	ATM program launch	Positive	+2.3%	Established up to <b>$200,000,000</b> ATM to fund UKMP development and corporate needs.
Oct 24	ROW permits restored	Positive	+15.9%	AIDEA executed federal Right-of-Way permits, restoring authority for Ambler Road.
Oct 06	Federal permit decision	Positive	+0.5%	Presidential decision granted permits for the Ambler Access Project, enabling road plans.

Pattern Detected

Recent UKMP- and funding-related news has often led to positive or volatile reactions, especially around permitting and federal support announcements.

Recent Company History

Over the last few months, Trilogy has focused on advancing the UKMP through permitting, funding, and organizational build-out. On Oct 6, 2025, federal permits for the Ambler Road were reinstated, followed by a 50-year right-of-way update and a strong 15.86% price reaction. An at-the-market program of up to $200,000,000 and a detailed 2026 Ambler budget (~$35 million) were disclosed, alongside cash of >$50 million and anticipated U.S. government investment. The January 2026 leadership expansion tied directly to this federal support, drawing a positive 3.99% move. Today’s year-end results sit within this same strategic funding and permitting arc.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-10-31

The company has an effective automatic shelf registration on Form S-3ASR dated Oct 31, 2025, allowing it to issue various securities (including Common Shares and Warrants) via prospectus supplements. It has been used at least once, as indicated by a 424B5 filing on Nov 7, 2025, providing flexibility to raise capital as UKMP development and permitting progress.

Market Pulse Summary

The stock is dropping -11.4% following this news. A negative reaction despite the strategic context ...

Analysis

The stock is dropping -11.4% following this news. A negative reaction despite the strategic context would fit a pattern where investors focus on near-term dilution tools and headline losses rather than non-cash mechanics. The year showed a larger $42.2 million loss, including a $22.6 million derivative revaluation tied to the federal investment structure, alongside higher salaries and professional fees. At the same time, the company highlighted cash of $51.6 million and a funded $35 million 2026 Ambler program, so weakness could reflect concerns about ongoing capital needs and execution risk.

Key Terms

at-the market ("ATM") programs, asc 815‑40, derivative financial instrument, right-of-way permits, +2 more

6 terms

at-the market ("ATM") programs financial

"including legal and regulatory costs related to the filing of base shelf prospectuses and at-the market ("ATM") programs."

An at-the-market (ATM) program lets a company sell newly issued shares directly into the stock market at the current trading price over time, rather than all at once. For investors, an ATM can mean gradual dilution of ownership and a larger share float while providing the company a flexible, lower-cost way to raise cash and potentially improve trading liquidity — like a baker selling individual slices as demand arises instead of baking a whole extra loaf.

asc 815‑40 financial

"accounted for the U.S. government's support as a derivative financial instrument under the ASC 815‑40 accounting standard."

ASC 815‑40 is a section of U.S. accounting rules that tells companies how to report and measure certain contracts tied to their own shares—such as options, warrants or convertible features—so they are recorded either as debt (a liability) or as owners’ claims (equity). Investors care because that classification changes reported debt levels, earnings volatility and equity dilution, much like whether a coupon is treated as an IOU or as giving someone an ownership stake.

derivative financial instrument financial

"accounted for the U.S. government's support as a derivative financial instrument under the ASC 815‑40 accounting standard."

A derivative financial instrument is a contract whose value is tied to the price or performance of another asset—such as a stock, bond, commodity, currency, or an interest rate. Think of it like a bet or insurance policy where the payoff depends on how the underlying item moves; investors use derivatives to hedge risks, lock in costs, or speculate. Because they can amplify gains and losses and create future obligations, derivatives materially affect portfolio risk, liquidity and market stability.

right-of-way permits regulatory

"AIDEA executed Right-of-Way permits for the Ambler Access Project (or "Ambler Road"), formally re-establishing the federal authorizations..."

Right-of-way permits are official permissions that allow a company to use or cross someone else’s land or public property to build and operate infrastructure such as roads, pipelines, power lines or fiber optics. For investors they matter because obtaining these permits affects whether projects can start, how long they take, and how much they cost—similar to getting a neighbor’s OK before running a driveway through their yard, which influences project value and risk.

fast-41 regulatory

"targeting mine permit submissions in 2026, potentially leveraging federal expedited programs such as FAST-41."

A FAST-41 designation comes from a U.S. law that sets up a coordinated, time-lined review process for large federal infrastructure projects, aiming to reduce delays by having agencies work together and meet clear deadlines. For investors, it matters because projects with FAST-41 oversight are likelier to reach permits and construction on schedule, reducing the risk of costly hold-ups much like a traffic controller clearing lanes so a convoy can move without unexpected stops.

national instrument 43-101 regulatory

"is a Qualified Person as defined by National Instrument 43-101 - Standard of Disclosure for Mineral Projects."

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. Not financial advice.

VANCOUVER, BC, Feb. 17, 2026 /PRNewswire/ - Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) ("Trilogy Metals", "Trilogy" or the "Company") reports its financial results for the year ended November 30, 2025, and provides an update on strategic priorities as the Company advances the Upper Kobuk Mineral Projects ("UKMP") in northwestern Alaska, held by Ambler Metals LLC, its 50/50 joint venture with South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) ("South32").

Fiscal 2025 marked a pivotal year for Trilogy, highlighted by a strategic investment commitment from the U.S. federal government, a strengthened balance sheet, and expanded leadership and advisory capabilities to support permitting and project advancement activities at Ambler Metals.

Details of Trilogy's audited consolidated financial statements and Management's Discussion and Analysis are contained in its Annual Report on Form 10‑K, which will be available on the Company's website at www.trilogymetals.com and under the Company's profiles on SEDAR+ and EDGAR. All amounts are in United States dollars unless otherwise stated.

Financial and Operational Highlights

• Strong cash balance of $51.6 million as at November 30, 2025, providing significant financial flexibility.
  
  
• $17.8 million strategic investment commitment from the U.S. federal government, reflecting the strategic importance of the UKMP to domestic critical mineral supply chains.
  
  
• Expanded senior leadership and advisory capacity to strengthen joint venture oversight and support project execution.
  
  
• Approval of 2026 $35 million budget for the Ambler Metals joint venture, aligned with permitting and development milestones to advance the Arctic copper-silver-zinc-lead-gold deposit towards production; targeting mine permit submissions in 2026, potentially leveraging federal expedited programs such as FAST-41.
  
  
• The Alaska Industrial Development and Export Authority ("AIDEA") executed Right-of-Way permits for the Ambler Access Project (or "Ambler Road"), formally re-establishing the federal authorizations required to advance the road project connecting the UKMP to the Dalton Highway.
  
  
• U.S. government to work in good faith to help facilitate financing required for the construction of the Ambler Road, in coordination with the State of Alaska.
  
  
• Plans to open the Bornite camp during the 2026 summer field season to conduct geotechnical and exploration drilling.

Tony Giardini, President and CEO of Trilogy Metals, commented: "This has been a landmark year for Trilogy as we significantly strengthened our financial position while deepening alignment with key U.S. federal and state stakeholders focused on securing domestic supplies of critical minerals. The U.S. federal government's strategic investment commitment is an important validation of the long‑term value of the Upper Kobuk Mineral Projects and their potential role in supporting a reliable and responsible North American supply of copper and other critical minerals.

"We ended the year with a strong cash position and expanded our leadership, advisory, and technical capabilities to ensure we are well prepared for increased permitting and project activity at Ambler Metals. With a fully funded 2026 exploration, development, and permitting program in place, our focus is firmly on execution and advancing the UKMP through the next critical stages of development in close collaboration with our partners, regulators, and local communities."

Annual Financial Results

The following selected annual financial information is prepared in accordance with U.S. GAAP.

in thousands of dollars,
except for per share amounts

Selected financial results	Year ended November 30, 2025 $	Year ended November 30, 2024 $
General and administrative	1,330	1,218
Investor relations	161	72
Professional fees	2,058	923
Salaries	2,388	927
Salaries & directors' fees – stock-based compensation	3,336	3,520
Share of loss on equity investment	11,392	2,636
Loss on derivative carried at fair market value	22,585	-
Comprehensive loss for the year	(42,241)	(8,587)
Basic and diluted loss per common share	(0.26)	(0.05)

For the year ended November 30, 2025, Trilogy reported a net loss of $42.2 million (or $0.26 basic and diluted loss per common share) compared to a net loss of $8.6 million (or $0.05 basic and diluted loss per common share) in fiscal 2024.

U.S. Federal Strategic Investment to Advance Development of Domestic Critical Mineral Resources at the UKMP

On October 6, 2025, Trilogy entered into a binding letter of intent with the U.S. Department of War for a conditional investment of approximately $17.8 million in exchange for 8,215,570 units at a price of $2.17 per unit, with each unit comprising of one common share of the Company (each, a "Common Share") and ¾ of a 10-year warrant. Each full warrant would be exercisable to acquire one Common Share at an exercise price of $0.01. The warrants would become exercisable following completion of construction of the Ambler Road.

This transaction underscores growing U.S. government support for advancing responsible domestic sources of copper and other critical minerals, including zinc, silver, cobalt, and germanium.

The Company has accounted for the U.S. government's support as a derivative financial instrument under the ASC 815‑40 accounting standard. The Company recognized an initial liability of $8.2 million and a corresponding expense related to the government's proposed collaboration agreement, which was contributed to Ambler Metals, and as at November 30, 2025, the Company increased the derivative by $22.6 million. This represents the change in the fair value of the obligation to issue the Common Shares and warrants, and recognizes a corresponding loss for the period, which had no impact on cash. These accounting effects are expected to resolve upon satisfaction of the applicable conditions.

In addition, salaries expense increased in fiscal 2025 from recording higher cash-based compensation compared with fiscal 2024, whereby a significant portion of executive compensation was settled in Common Shares, which resulted in higher share-based compensation expense in 2024. The loss for the year was also attributable to higher professional fees, including legal and regulatory costs related to the filing of base shelf prospectuses and at-the market ("ATM") programs. These cost increases were partially offset by higher income earned during the year.

Strengthened Leadership and UKMP Joint Venture Oversight

With mine permitting and project activity expected to accelerate at Ambler Metals, Trilogy has taken deliberate steps to augment its leadership, advisory, and technical capabilities to support execution and oversight of the joint venture.

The 2026 work program represents a crucial year of progress for the UKMP as Ambler Metals prepares to initiate the mine permitting process for the Arctic Project, while continuing to advance the technical and organizational foundations required for future development.

Ambler Metals is targeting mine permit submissions in 2026, potentially leveraging federal expedited programs such as FAST-41, subject to project readiness and continued engagement with stakeholders. FAST-41 is a U.S. federal framework designed to enhance coordination, transparency, and predictability for permitting critical infrastructure projects. The U.S. government will work collaboratively in good faith, in coordination with the State of Alaska, to include future UKMP permit applications in the FAST-41 process to expedite the mine permitting process.

Engagement with local communities and regional stakeholders will remain a core focus, with continued emphasis on transparent communication, consultation, and long-term workforce planning.

Trilogy expanded its senior management and advisory team following the announcement of the U.S. federal investment, coinciding with South32's increased personnel commitment to Ambler Metals. These actions are intended to ensure Trilogy is well-positioned to:

• Advance permitting for the Arctic Project.
  
  
• Support long-term technical and development planning.
  
  
• Deepen engagement with government, community, and stakeholder partners.
  
  
• Plan for future exploration efforts at Bornite and across the Ambler Mining District land package.

Trilogy believes the strengthened team enhances the Company's ability to deliver long-term value as the UKMP advances through key development phases.

Ambler Metals $35M Budget to Advance Exploration, Development, and Permitting Activities

A budget of approximately $35 million has been approved for Ambler Metals for fiscal 2026, of which Trilogy's share is $17.5 million. The activities at Ambler Metals will focus on re-staffing, initiating the permitting process for the Arctic Project, and progressing technical work necessary to support long-term development.

Exploration activities in 2026 will focus primarily on the Arctic Project, including geotechnical and condemnation drilling to support mine design, infrastructure placement, and future production planning. Ambler Metals will also be preparing the Bornite Project camp for ongoing exploration and multi-year use. The joint venture plans to open the Bornite camp during the 2026 summer field season to conduct geotechnical and exploration drilling, along with general camp maintenance and capital improvements to support future programs.

These programs represent important steps toward advancing the UKMP as a U.S.-based source of critical minerals.

Strong Liquidity and Capital Resource Position

The Company maintains a strong cash position of over $50 million, providing funding for ongoing operations and its share of future joint venture requirements.

Qualified Persons

Richard Gosse, P.Geo., Vice President Exploration for Trilogy Metals Inc., is a Qualified Person as defined by National Instrument 43-101 - Standard of Disclosure for Mineral Projects. Mr. Gosse has reviewed the technical information in this news release and approves the disclosure contained herein.

About Trilogy Metals

Trilogy Metals Inc. is a metals exploration and development company that holds a 50% interest in Ambler Metals LLC, which owns 100% of the Upper Kobuk Mineral Projects in northwestern Alaska. The UKMP is located within the Ambler Mining District, one of the world's most prospective copper-dominant districts, hosting world-class polymetallic volcanogenic massive sulphide ("VMS") and carbonate replacement deposits. Exploration has focused on the Arctic VMS deposit and the Bornite copper-cobalt deposit.

Ambler Metals operates under an agreement with NANA Regional Corporation, Inc., supporting responsible exploration and development in cooperation with local communities. Trilogy's vision is to develop the Ambler Mining District into a premier North American copper producer while respecting subsistence livelihoods.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, the proposed advancement of the Ambler Access Project, planned activities at the UKMP, collaboration and engagement with partners, regulators, and local communities, the outlook for 2026, the Company's anticipated budget for corporate activities and the Company's ability to fund its operations and the requirement for additional funding at Ambler Metals, U.S. federal government's potential role in supporting a reliable and responsible North American supply of copper and other critical minerals, mine permitting submissions and the timing thereof, the U.S. government working, in coordination with the State of Alaska, to include future UKMP permit applications in the FAST-41 process, anticipated benefits of management appointments, the Strategic Investment and the anticipated benefits thereof, the scope and timing of the activities at Ambler Metals, opening the Bornite camp and the timing thereof, and resource estimates, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving the outcome of pending litigation, success of exploration activities, permitting timelines, requirements for additional capital, government regulation of mining operations, environmental risks, prices for energy inputs, labour, materials, supplies and services, uncertainties involved in the interpretation of drilling results and geological tests, unexpected cost increases and other risks and uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2025 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

View original content:https://www.prnewswire.com/news-releases/trilogy-metals-reports-fiscal-2025-year-end-results-and-highlights-strategic-us-federal-support-for-domestic-critical-minerals-production-302689216.html

SOURCE Trilogy Metals Inc.

FAQ

What is the U.S. federal investment for Trilogy Metals (TMQ) and how is it structured?

The U.S. government committed approximately $17.8M in conditional support. According to the company, this was structured as 8,215,570 units at $2.17 each, with warrants exercisable after Ambler Road construction.

How much cash did Trilogy Metals (TMQ) report at fiscal year-end November 30, 2025?

Trilogy reported a cash balance of $51.6M at November 30, 2025. According to the company, this provides liquidity for operations and its share of upcoming joint venture commitments.

What caused Trilogy Metals' (TMQ) $42.2M net loss in fiscal 2025?

The $42.2M net loss was driven by non-cash and JV-related items. According to the company, this included a $22.6M derivative fair-value loss and an $11.4M share of loss on equity investment.

What is the Ambler Metals 2026 budget and Trilogy's share for TMQ shareholders?

Ambler Metals approved a $35M 2026 budget, with Trilogy's share at $17.5M. According to the company, funds will support permitting, geotechnical and exploration drilling, and Bornite camp preparation.

When does Trilogy Metals (TMQ) plan to submit mine permits for the Arctic Project?

Ambler Metals is targeting mine permit submissions in 2026. According to the company, submissions may seek expedited review under federal FAST-41 if the project is ready and stakeholder engagement continues.

What progress has been made on the Ambler Road relevant to Trilogy Metals (TMQ)?

AIDEA executed Right-of-Way permits that re-establish federal authorizations for the Ambler Road. According to the company, the U.S. government will work with Alaska to help facilitate construction financing.