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Trilogy Metals Inc. reports that discussions with the U.S. Department of War over a previously announced strategic equity investment of approximately US$35.6 million are continuing, and that a letter of intent signed in October 2025 remains in effect. The proposed private financing is intended to advance exploration and development of the Upper Kobuk Mineral Projects in northwestern Alaska.
The contemplated securities offering would occur in a transaction not involving a public offering, and the securities would be unregistered under the U.S. Securities Act of 1933, limiting their resale in the United States absent an effective registration statement or exemption. Trilogy also describes project and financing risks, including pending litigation, exploration results, permitting timelines, capital requirements, regulation, environmental factors and cost pressures, any of which could cause the potential investment and project development outcomes to differ materially from current expectations.
Trilogy Metals Inc. announced that a coordinated federal and state permitting schedule for its flagship Arctic Project in Alaska’s Ambler Mining District has been published on the Federal Permitting Dashboard under the FAST-41 program. The schedule was issued within the statutory 60-day window following the project’s May 14, 2026 designation as a FAST-41 Covered Project.
The U.S. Army Corps of Engineers is confirmed as lead federal agency, overseeing a targeted 29‑month integrated NEPA review of Ambler Metals’ Clean Water Act Section 404 permit application. Key milestones include a Notice of Intent for an Environmental Impact Statement in September 2026, a Draft EIS in October 2027, and a targeted Record of Decision in September 2028, with remaining federal and state authorizations projected to conclude by November 2028. The schedule reflects an Alaska-wide framework that aims to shorten permitting timelines from approximately 3.6 years to approximately 2.7 years, an efficiency gain of roughly 25 percent.
Trilogy Metals Inc. reported a significantly higher net loss while advancing permitting and field work at its Arctic Project in Alaska. For the quarter ended May 31, 2026, net loss was $6.3 million versus $2.2 million a year earlier, mainly due to a $2.3 million mark-to-market adjustment on a derivative liability tied to issuing shares and warrants to the DOW and higher losses from Ambler Metals. For the first six months, net loss rose to $13.4 million from $5.8 million, driven by a total $3.8 million derivative adjustment and $3.8 million in stock-based compensation for the annual equity grant.
The company’s 2026 budget totals $22.5 million, including $5.0 million for corporate costs and $17.5 million for Ambler Metals. Trilogy contributed $10.5 million to Ambler Metals by May 31 and a further $6.5 million afterward. As of May 31, cash and cash equivalents were $38.8 million with adjusted working capital of $38.3 million, which management indicates is sufficient for at least the next twelve months.
The Arctic Project entered the FAST-41 program and began federal permitting with a Clean Water Act Section 404 application, while a fully funded 2026 summer field program of roughly 5,400 meters of drilling is underway. Trilogy also extended the deadline to complete the approximately $35.6 million DOW strategic investment to July 31, 2026, which would see the DOW acquire 8,215,570 units and ultimately hold about 10% of Trilogy’s common shares if closed.
Trilogy Metals Inc. reported a net and comprehensive loss of $6.3 million for the quarter ended May 31, 2026, wider than the $2.2 million loss a year earlier, mainly due to a non-cash fair value loss on a derivative liability tied to a planned strategic investment by the U.S. Department of War and higher stock-based compensation and joint-venture losses.
For the first six months, the loss was $13.4 million versus $5.8 million in 2025. Trilogy ended the quarter with $38.8 million in cash and cash equivalents and an equity investment in Ambler Metals of $112.1 million. During the period it contributed $10.5 million to Ambler Metals and raised $1.16 million net via its at-the-market equity program.
Operationally, Ambler Metals advanced the Arctic Project, starting permitting and securing inclusion in the U.S. FAST-41 program, while launching the 2026 summer field program at the Upper Kobuk Mineral Projects. Trilogy also extended the binding letter of intent with the U.S. Department of War, moving the transaction deadline to July 31, 2026.
Trilogy Metals Inc. has begun its 2026 summer field program at the Upper Kobuk Mineral Projects in Alaska while its joint venture Ambler Metals appoints Ron Rimelman as President. The fully funded program focuses on advancing the high-grade Arctic copper-zinc-lead-gold-silver project toward a future construction decision.
The campaign is expected to include about 40 drill holes and a minimum of roughly 5,400 meters of drilling to support mine design, infrastructure placement, and permitting at Arctic. Work will also upgrade the Bornite camp and evaluate drill targets along a 100‑kilometer VMS belt to shape a broader 2027 exploration push.
Bornite, located about 25 kilometers from Arctic, is projected to produce 1.9 billion pounds of copper over a 17‑year mine life, with the wider district hosting approximately 30 known VMS occurrences and electromagnetic anomalies. Rimelman, an experienced permitting specialist, will lead Ambler Metals through permitting of Arctic and continued exploration and development across the district.
Trilogy Metals director Diana J. Walters received a grant of 791.68 Deferred Share Units (DSUs) tied to common shares. The DSUs were acquired at a stated price of $0.00 per unit under a non-discretionary election made before the fiscal year began. Her direct DSU holdings increased to 556,685.336 units. The DSUs vest immediately, but the underlying common shares will only be issued, and associated voting and dispositive rights will only arise, after she ceases serving as a director, with the grants expiring no later than 90 days after that termination date.
Trilogy Metals Inc. is extending the targeted closing date for the previously announced US$35.6 million strategic equity investment by the U.S. Department of War from May 31, 2026 to July 31, 2026 to allow more time to finalize definitive agreements. The company reports that the U.S. Government has completed a Foreign Ownership, Control or Influence review of Trilogy, and that definitive investment documentation is “well underway.” The Arctic Project has also been accepted as a FAST-41 Covered Project, starting a federal permitting timetable alongside this planned investment in the Ambler Mining District.
Trilogy Metals Inc. filed a Form 8-K to highlight that its flagship Arctic copper-zinc-lead-gold-silver project in Alaska, advanced through the 50/50 joint venture Ambler Metals with South32, has been accepted as a “Covered Project” under the FAST-41 federal permitting program.
This designation places the Arctic Project on the Federal Permitting Dashboard and entitles it to a coordinated, publicly tracked federal environmental review schedule, including a Coordinated Project Plan and permitting timetable to be published within 60 days of posting. It follows Ambler Metals’ April 2026 application for a Clean Water Act Section 404 permit and builds on earlier federal actions, including approval of the Ambler Access Road and a related $35.6 million strategic federal equity investment commitment in Trilogy Metals.
The company emphasizes copper’s role as a U.S. critical mineral, citing projections of a 24% increase in global copper consumption by 2035 driven by electrification and AI data centers, and positions the Arctic Project as one of a limited number of advanced-stage domestic copper developments in Alaska.
Trilogy Metals Inc. reported the results of its 2026 Annual Meeting of Shareholders, where all management proposals were approved. Shareholders elected seven directors, with support for individual nominees ranging from about 86% to nearly 100% of votes cast.
A total of 108,434,019 shares, representing 62.84% of issued and outstanding shares eligible to vote, were represented at the meeting. Shareholders also approved the appointment of auditors with 99.71% of votes cast in favor and supported a non-binding advisory vote on executive compensation, with 94.53% of votes cast in favor.
Trilogy Metals Inc. director William L. Iggiagruk Hensley reported an option exercise paired with a share sale. He exercised 50,000 Common Shares through Director Stock Options at an exercise price of $0.57 per share, converted from C$0.78 using an exchange rate of C$1.3686 = US$1.00. The same day, he executed an open-market sale of 50,000 Common Shares at $4.44 per share, converted from a Canadian sale price of C$6.08 using the same exchange rate. Following these transactions, he directly holds 18,531 Common Shares of Trilogy Metals.