Trilogy Metals (TMQ): Permits Reissued — 50yr ROW and 15yr Corps Permits

Trilogy Metals Inc. (TMQ) disclosed that a Presidential Decision directs several federal agencies to reissue or reinstate key permits and rights-of-way enabling construction and operation of the Ambler Road.

Rhea-AI Filing Summary

Trilogy Metals Inc. (TMQ) disclosed that a Presidential Decision directs several federal agencies to reissue or reinstate key permits and rights-of-way enabling construction and operation of the Ambler Road. The Bureau of Land Management will reissue Right-of-Way Grant No. F-97112 with a 50-year term starting on reissue; the National Park Service will reissue ROW permit GAAR-21-001 with a 50-year term; and the U.S. Army Corps of Engineers will reinstate the suspended Clean Water Act Section 404 and Rivers and Harbors Act Section 10 permits (POA-2013-00396) each with 15-year terms. The U.S. Coast Guard's jurisdictional pre-approvals are reaffirmed. The President also directed agencies to replace references to the terminated programmatic agreement with provisions to avoid or minimize adverse effects to historic properties and to follow the project's Inadvertent Discovery Plans and the 2021 CRMP treatment methods when avoidance is not feasible.

Positive

• BLM reissued Right-of-Way Grant with a 50-year term, enabling long-term land access
• NPS reissued ROW permit GAAR-21-001 with a 50-year term, reducing parkland permitting risk
• Corps reinstated CWA Section 404 and RHA Section 10 permits (POA-2013-00396) with 15-year terms
• USCG jurisdictional pre-approvals reaffirmed, removing further pre-approval requirements

Negative

• Corps may reassess jurisdictional limits under Sackett v. EPA, potentially altering permit scope
• BLM's 2024 ROD cancelled the prior programmatic agreement, requiring replacement provisions and additional NHPA-focused obligations
• Project remains subject to cultural-resource mitigation and implementation of the 2021 CRMP and Inadvertent Discovery Plans, which could affect timing and costs

Insights

Regulatory Attorney

Permits reissued/reinstated, but subject to statutory limits and review.

The decision formally restores federal authorizations needed for the Ambler Road: two 50-year ROWs from BLM and NPS and two 15-year Corps permits for CWA Section 404 and RHA Section 10. These actions create a clear administrative path to proceed under existing law and the 2020 Joint Record of Decision.

However, the Corps may later reevaluate jurisdictional scope consistent with Sackett v. EPA and EPA guidance, so permit scope could change. Watch for any follow-up agency administrative actions or revised jurisdictional determinations over the next regulatory review cycle.

Environmental/Permitting Analyst

Reinstatements lower a major permitting hurdle but require continued cultural-resource safeguards.

Reissuing the ROWs and reinstating Corps permits materially reduces near-term legal and permitting uncertainty for road components on federal lands, enabling project activity once agency conditions are satisfied. The USCG reaffirmation removes an additional procedural barrier for navigable-water interfaces.

The President's direction to adopt avoidance/minimization measures and the 2021 CRMP treatment methods ties project progress to cultural-resource mitigation; monitor implementation steps and any inadvertent-discovery incidents during construction planning phases.

8-K Event Classification

3 items: 7.01, 8.01, 9.01

3 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What permits did Trilogy Metals (TMQ) report were reissued or reinstated?

BLM Right-of-Way Grant No. F-97112 reissued for 50 years; NPS ROW GAAR-21-001 reissued for 50 years; Corps CWA Section 404 and RHA Section 10 permits (POA-2013-00396) reinstated for 15 years.

Does the Presidential Decision remove all federal approvals needed for the Ambler Road?

The Decision reissues and reinstates key federal authorizations and reaffirms USCG pre-approvals, but agencies must still follow applicable law and implement required mitigation and conditions.

Can the Corps change the reinstated Section 404 permit later?

Yes. The Decision states the Corps may later reevaluate its jurisdictional determination consistent with the Supreme Court decision in Sackett v. EPA and EPA guidance, which could affect permit limits.

What cultural-resource protections were directed by the President?

Agencies must avoid or minimize adverse effects to historic properties where prudent; if avoidance is not feasible, implement 2021 CRMP treatment methods and the project's Inadvertent Discovery Plans for finds during construction.

How long do the reissued ROWs and reinstated Corps permits last?

The BLM and NPS ROWs each have 50-year terms starting on reissue; the Corps' CWA and RHA permits each have 15-year terms starting on reissue.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/06/2025 - 09:19 PM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 6, 2025

_______________________

Trilogy Metals Inc.

(Exact name of registrant as specified in its charter)

_______________________

British Columbia	001-35447	98-1006991
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

Suite 901, 510 Burrard Street
Vancouver, British Columbia
Canada, V6C 3A8

(Address of principal executive offices, including zip code)

(604) 638-8088

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.24d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.23e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares	TMQ	NYSE American Toronto Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure

On October 6, 2025, Trilogy Metals Inc. (the “Company”) issued a press release announcing President Donald J. Trump’s decision (the “Presidential Decision”) under Section 1106 of the Alaska National Interest Lands Conservation Act (“ANILCA”), directing Federal agencies with jurisdiction to promptly issue authorizations necessary for the establishment of the Ambler Access Project (or “Ambler Road”), titled “Trilogy Metals Applauds President Trump’s Decision to Grant Permits for the Ambler Access Project to Enable the Development of Critical Minerals in Alaska”. The press release is attached hereto as Exhibit 99.1.

The information contained in the press release attached hereto is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On October 6, 2025, President Trump issued the Presidential Decision under Section 1106 of ANILCA, directing Federal agencies with jurisdiction to promptly issue authorizations necessary for the establishment of the Ambler Road. The Presidential Decision approved an appeal by the Alaska Industrial Development and Export Authority (“AIDEA”), a public corporation of the State of Alaska, to reverse the Biden Administration’s decision in June 2024 to select the “No Action Alternative” and terminate the right-of-way (“ROW”) grant for the Ambler Road issued on January 5, 2021.

In Section 1106 of ANILCA, Congress created a mechanism for appealing directly to the President from a denial of transportation systems in Alaska, like the Ambler Road. ANILCA was passed into legislation by Congress in 1980 to balance the need to protect Alaska's natural ecosystems and landscapes with the needs of its residents, particularly those who rely on the land for their livelihoods. Congress required that a mandatory access right “shall be granted” to the Ambler Mining District. Section 1106 allowed AIDEA to directly appeal to President Trump regarding the Biden Administration’s denial of the Ambler Road.

The Presidential Decision also directs the Federal agencies with jurisdiction to issue the permits described below no later than 30 days after the date of the Presidential Decision (not its publication in the Federal Register). Agencies are permitted to make only ministerial revisions to their authorizations as necessary to reflect changed circumstances such as termination of the Programmatic Agreement (“PA”) (discussed more below), conveyances of Bureau of Land Management (“BLM”)-managed lands out of Federal ownership, or other similar circumstances. Otherwise, agencies shall include the same terms and conditions in their reissued authorizations that they included in their authorizations issued on January 5, 2021.

· The BLM shall reissue BLM Right-of-Way Grant, No. F-97112, originally issued January 5, 2021. Its 50-year term shall begin on the date it is reissued. And the BLM shall, in accordance with applicable law and the 2020 Joint Record of Decision (“2020 JROD”), grant any other authorizations necessary for any of the components and phases of the Ambler Road on Federal lands managed by the BLM.

· The National Park Service (“NPS”) shall remove the suspension of ROW permit GAAR-21-001 and reissue it in the same form. Its 50-year term shall begin on the date it is reissued. And the NPS shall, in accordance with applicable law and the 2020 JROD by the Secretary of the Interior and the Secretary of Transportation, grant any other authorizations necessary for any of the components and phases of the Ambler Road on Federal lands managed by the NPS.

· The U.S. Army Corps of Engineers (“Corps”) shall reinstate the suspended Clean Water Act (“CWA”) Section 404 permit POA-2013-00396. Its 15-year term shall begin on the date it is reissued.

· The Presidential Decision does not preclude the Corps from later reevaluating its jurisdictional determination based on the Supreme Court’s decision in Sackett v. EPA, 598 U.S. 651 (2023), and the Environmental Protection Agency’s (“EPA”) follow-up guidance to assess the appropriate jurisdictional limits on the permit, including by identifying all traditionally navigable and relatively permanent bodies of surface water and potentially, if appropriate, revising the permit.

· The Corps shall reinstate the suspended Rivers and Harbors Act (“RHA”) Section 10 permit POA-2013-00396. Its 15-year term shall begin on the date it is reissued.

· The U.S. Coast Guard (“USCG”) jurisdictional and pre-approvals are reaffirmed by the Presidential Decision. No further USCG approvals shall be required.

· Because the BLM’s 2024 Record of Decision canceled the ROW (that is, the undertaking for purposes of the National Historic Preservation Act (“NHPA”)) and terminated the PA, the President has also directed the BLM and the other Federal agencies to replace any authorization provisions referring to the terminated PA with the following provisions to address NHPA issues:

o Adverse effects to historic properties from project construction and operation activities that are within Federal jurisdiction shall be avoided or minimized to the extent prudent and feasible. To the extent that avoiding adverse effects is not prudent or feasible, AIDEA shall implement standard treatment methods identified in the 2021 CRMP for the project to resolve such adverse effects

o In the event that historic resources, archaeological resources, or human remains are encountered during project construction, the Inadvertent Discovery Plans developed for the project shall be implemented.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Press release, dated October 6, 2025 relating to the Presidential Decision
104	Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	TRILOGY METALS INC.
Dated: October 6, 2025	By:	/s/ Elaine Sanders
		Elaine Sanders, Chief Financial Officer