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Trilogy Metals Inc. reported fiscal 2025 results and outlined major strategic steps to advance its Upper Kobuk Mineral Projects in Alaska. The company recorded a net loss of $42.2 million, or $0.26 per share, compared with a loss of $8.6 million, or $0.05 per share, in 2024, driven largely by a non-cash $22.6 million loss on a derivative liability tied to a U.S. federal investment structure.
Trilogy ended the year with a strong cash balance of $51.6 million. It entered a binding letter of intent with the U.S. Department of War for a conditional $17.8 million strategic investment in 8,215,570 units at $2.17 per unit, each unit including one common share and three‑quarters of a 10‑year warrant with a $0.01 exercise price, exercisable after construction of the Ambler Road. Ambler Metals, the 50/50 joint venture with South32, approved a $35 million fiscal 2026 budget, with Trilogy’s share at $17.5 million, focused on permitting, technical work, and exploration at the Arctic and Bornite projects. Executed Right‑of‑Way permits for the Ambler Access Project, plans to seek mine permits in 2026, and potential inclusion in the FAST‑41 federal permitting framework position the UKMP as a prospective U.S. source of critical minerals.
Trilogy Metals Inc. provides an in-depth annual update on its exploration-focused business centered on the Upper Kobuk Mineral Projects in Alaska, held through a 50% stake in Ambler Metals. Ambler Metals, carried at a book value of $105.3 million, owns the Arctic and Bornite copper projects, where Trilogy’s 50% attributable interests include inferred resources and probable reserves with significant copper, zinc, lead, gold and silver content. The company remains pre‑revenue, highlighting the Arctic feasibility work and a Bornite preliminary economic assessment describing a potential 6,000 tonne‑per‑day underground mine with a 17‑year life. Trilogy details extensive project agreements with NANA Regional Corporation covering access, royalties and potential NANA back‑in rights of 16%–25% on specific projects. It also outlines a binding letter of intent for a strategic investment of about $17.8 million from the U.S. Department of Defense, plus matching share purchases from South32, with proceeds to be reinvested in Ambler Metals. As of February 17, 2026, Trilogy reports 172,545,639 common shares outstanding and a non‑affiliate market value of $120.8 million as of May 31, 2025.
Trilogy Metals Inc. filed a current report describing a corporate update related to its exploration projects in northwestern Alaska. On January 20, 2026, the company issued a press release announcing the expansion of its advisory and leadership teams. This expansion follows a prior October 6, 2025 announcement regarding an investment by the U.S. federal government to advance exploration and development of the Upper Kobuk Mineral Projects. The press release is provided as an exhibit and is furnished, rather than filed, under securities laws, meaning it is not automatically subject to certain liability provisions or incorporated into other filings unless specifically referenced.
Trilogy Metals Inc. director and 10% owner Thomas Scott Kaplan and affiliated entities reported several internal equity movements dated 12/26/2025. The filing shows a gift of 540,406 common shares to a charitable foundation for no consideration, classified as a transaction code G. It also reports 416,666 common shares moved to an account for the benefit of Mr. Kaplan’s spouse, with those shares now reported as indirectly owned.
Separately, the report lists 31,604,741 common shares held indirectly through Electrum Strategic Opportunities Fund L.P., an investment fund advised by The Electrum Group LLC, with related entities identified. The reporting persons state that they disclaim beneficial ownership of certain securities except to the extent of their pecuniary interest.
Trilogy Metals’ major shareholder group filed an amended Schedule 13D reporting beneficial ownership of 31,604,741 common shares, or 18.5% of the company. The Electrum Strategic Opportunities Fund L.P., its general partner ESOF GP Ltd., The Electrum Group LLC and Thomas S. Kaplan each report shared voting and investment power over these shares, which are held by ESOF. The ownership percentage is based on 171,059,888 common shares outstanding as of November 6, 2025.
The amendment also reports that on December 26, 2025, common shares previously held by GRAT Holdings LLC, Tigris Financial Group Ltd. and Kaplan were transferred to accounts for the benefit of Kaplan or his spouse and then donated to a charitable foundation for no consideration. As a result, GRAT Holdings now reports beneficial ownership of zero Trilogy Metals shares and has ceased to be a beneficial owner.
Trilogy Metals Inc. furnished a press release outlining the 2026 program and budget for Ambler Metals LLC, along with its own corporate budget for 2026. The press release, dated December 17, 2025, is included as Exhibit 99.1 to the report and is provided under a Regulation FD disclosure, meaning it is treated as furnished rather than filed for certain liability purposes. Trilogy Metals’ common shares trade on the NYSE American and the Toronto Stock Exchange under the symbol TMQ.
Trilogy Metals Inc. reported insider equity transactions by its VP & CFO on a Form 4 for December 11, 2025. The executive acquired 15,000 common shares through the settlement of restricted stock units and now directly owns 3,347,895 common shares.
The filing also shows a grant of an employee stock option for 260,000 common shares with an exercise price of $4.61 per share and an expiration date of December 10, 2030. These options vest in three equal installments on December 11, 2025, 2026, and 2027. In addition, the executive received 45,000 restricted stock units (RSUs), which vest on the same schedule, and holds 30,000 RSUs after 15,000 RSUs were converted into common shares.
Trilogy Metals Inc. insider Tony Giardini, who serves as President, CEO and Director, reported multiple equity transactions dated December 11, 2025. He acquired 60,000 common shares through the settlement of restricted stock units, bringing his directly held beneficial ownership to 8,758,728 common shares following the transactions.
He was also granted an employee stock option for 360,000 common shares at an exercise price of $4.61 per share, expiring on December 10, 2030. These options vest in three equal installments on December 11, 2025, December 11, 2026, and December 11, 2027. In addition, he received 180,000 restricted stock units, which vest in three equal tranches on December 7, 2023, December 7, 2024, and December 7, 2025.
Trilogy Metals Inc. director Diana J. Walters reported receiving a director stock option on December 11, 2025. The option covers 50,000 common shares of Trilogy Metals at an exercise price of $4.61 per share, described as converted from a Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00. The option is exercisable starting on December 11, 2025 and expires on December 10, 2030. Following this grant, Walters beneficially owns 50,000 derivative securities directly.
Trilogy Metals Inc. reported a new stock option grant to a director. On 12/11/2025, the director received a Director Stock Option covering 65,000 common shares at an exercise price of $4.61 per share. The options become exercisable on 12/11/2025 and expire on 12/10/2030, giving the holder the right to buy Trilogy Metals common shares at this fixed price during that period.
The exercise price of $4.61 was derived from a Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00. After this grant, the reporting person beneficially owns 65,000 derivative securities, all held directly. This filing reflects routine equity-based compensation for board service rather than a sale or purchase of existing shares.