- On **October 6, 2025**, President Trump issued a decision granting permits for the **Ambler Access Project (Ambler Road)**, reversing the Biden Administration's June 2024 decision to terminate the previously issued right-of-way grant.  **[1543418_20251006VA91824:0]** 
- The Ambler Road is a proposed **211-mile industrial-use-only road** intended to enable the advancement of exploration and development at the Ambler Mining District in Northwest Alaska, which includes Trilogy Metals' Arctic and Bornite deposits.  **[1543418_20251006VA91824:0]** 
- This decision is considered a **"landmark decision"** for Trilogy Metals and for domestic critical mineral development in the United States, supporting secure, domestic supply chains for vital minerals such as copper, cobalt, zinc, and lead.  **[1543418_20251006VA91824:0]** **[1543418_20251006VA91824:1]** 
- Trilogy Metals anticipates providing an update on advancing engineering, baseline environmental work, and community engagement **prior to the end of the year**.  **[1543418_20251006VA91824:1]**

Trilogy Metals: President Trump Grants Permits for Ambler Access Project

- Trilogy Metals Inc. (TMQ), South32 Limited, and Ambler Metals LLC have entered into a binding letter of intent with the U.S. Department of War (DOW) for a **Strategic Investment** totaling approximately **$35.6 million** to advance exploration and development of the Upper Kobuk Mineral Projects (UKMP).  **[1543418_0001279569-25-001094_form8k.htm:1]** **[1543418_0001279569-25-001094_ex991.htm:1]** 
- The DOW will invest **$17.8 million** in Trilogy Metals by purchasing **8,215,570 units** at **$2.17 per unit**, and an additional **$17.8 million** to South32 for **8,215,570 common shares** of Trilogy.  **[1543418_0001279569-25-001094_form8k.htm:1]** **[1543418_0001279569-25-001094_ex991.htm:1]** 
- Following the transaction, the DOW will hold approximately **10%** of Trilogy's issued and outstanding common shares.  **[1543418_0001279569-25-001094_form8k.htm:1]** **[1543418_0001279569-25-001094_ex991.htm:1]**  Trilogy and South32 will reinvest the entire proceeds into Ambler Metals.  **[1543418_0001279569-25-001094_form8k.htm:1]** **[1543418_0001279569-25-001094_ex991.htm:1]** 
- The DOW will have the right to appoint one independent third-party director to Trilogy's board for three years.  **[1543418_0001279569-25-001094_form8k.htm:1]** **[1543418_0001279569-25-001094_ex991.htm:1]**  The transaction is contingent on the reauthorization of the Defense Production Act and completion of a U.S. government Foreign Ownership, Control, or Influence (FOCI) review, with a termination date of **March 31, 2026**, if these conditions are not met.  **[1543418_0001279569-25-001094_ex991.htm:1]** **[1543418_0001279569-25-001094_form8k.htm:2]**

Trilogy Metals Announces Strategic Investment by US Department of War

- President Trump revived construction of the **211-mile Ambler Access Road** to Alaska’s Ambler Mining District, overturning a previous decision, which aims to unlock domestic deposits of critical minerals.  **[1543418_b434e8d85e474f94ab367188bcd08eaa]** 
- The White House announced a **$35.6 million federal investment** to acquire roughly a **10% stake in Trilogy Metals**, with warrants for an additional 7.5%.  **[1543418_b434e8d85e474f94ab367188bcd08eaa]** 
- Following this announcement, Trilogy Metals' shares surged approximately **200% in premarket trading**.  **[1543418_b434e8d85e474f94ab367188bcd08eaa]** 
- The project is projected to create over **2,700 jobs** and generate about **$1.1 billion in state revenues** over its lifespan.  **[1543418_b434e8d85e474f94ab367188bcd08eaa]**

Trilogy Metals Receives Federal Investment and Ambler Road Project Revival

- **Trilogy Metals Inc.** announced a binding letter of intent with the **U.S. Department of War (DOW)** for a strategic investment totaling approximately **$35.6 million** to advance the Upper Kobuk Mineral Projects (UKMP).  **[1543418_20251006VA91617:0]** 
- The DOW will invest **$17.8 million** directly into Trilogy Metals for **8,215,570 units** at **$2.17 per unit**, which will result in the DOW holding approximately **10% of Trilogy Metals**.  **[1543418_20251006VA91617:0]** 
- An additional **$17.8 million** will be paid to South32 for Trilogy Metals shares and a call option, with these proceeds to be reinvested into Ambler Metals, the 50/50 joint venture between Trilogy Metals and South32.  **[1543418_20251006VA91617:0]** 
- The agreement grants the DOW the right to appoint one independent director to Trilogy Metals' board for three years and includes a commitment from Trilogy Metals not to incur over **$1 billion** in third-party indebtedness without DOW approval until January 1, 2029.  **[1543418_20251006VA91617:0]** 
- The transaction is subject to regulatory and stock exchange approvals and the reauthorization of the Defense Production Act by the U.S. Congress, with a termination date of **March 31, 2026**, if these conditions are not met.  **[1543418_20251006VA91617:0]**

Trilogy Metals Announces Strategic Investment by U.S. Department of War

- Trilogy Metals Inc. reported a **net loss of $1.7 million** for the third quarter ended August 31, 2025, an increase from a net loss of $1.6 million in the prior year period, primarily due to site activities of Ambler Metals LLC.  **[1543418_0001279569-25-001071_ex991.htm:1]** 
- For the nine months ended August 31, 2025, the company's **net loss increased to $7.5 million** from $7.0 million in the same period of 2024, mainly due to higher regulatory expenses, legal fees, and its share of losses from Ambler Metals.  **[1543418_0001279569-25-001071_ex991.htm:1]** 
- As of August 31, 2025, the company held **$23.4 million in cash and cash equivalents** and working capital, which it believes is sufficient to meet working capital requirements for the next 12 months.  **[1543418_0001279569-25-001071_ex991.htm:2]** 
- To ensure future liquidity, Trilogy Metals has an effective base shelf prospectus allowing for up to **$50.0 million** in future securities issuance and an unutilized At-The-Market (ATM) Program for up to **$25.0 million** in common shares.  **[1543418_0001279569-25-001071_ex991.htm:2]**

Trilogy Metals Reports Q3 2025 Financial Results

- Trilogy Metals reported a **net loss of $1.7 million** for the third quarter ended August 31, 2025, and a **net loss of $7.5 million** for the nine-month period, with increases primarily attributed to Ambler Metals LLC site activities, higher regulatory expenses, and legal fees.  **[1543418_20250930VA87546:0]** 
- As of August 31, 2025, the company maintained a strong liquidity position with **$23.4 million in cash and cash equivalents** and **$23.4 million in working capital**, which is considered sufficient for the next 12 months.  **[1543418_20250930VA87546:1]** 
- To support future operations, Trilogy Metals has an effective base shelf prospectus allowing for the issuance of up to **$50.0 million** in securities and an At-The-Market (ATM) Program for up to **$25.0 million** in common shares, which has **not been utilized as of October 2, 2025**.  **[1543418_20250930VA87546:1]** 
- Ambler Metals LLC completed a summer field program, including environmental baseline work and a core re-boxing program, with its cash position at **approximately $3.7 million** and expenditures tracking close to budget at **$4.5 million** for the year.  **[1543418_20250930VA87546:0]**

Trilogy Metals (TMQ)