Earnings summaries and quarterly performance for Trilogy Metals.
Executive leadership at Trilogy Metals.
Board of directors at Trilogy Metals.
Research analysts covering Trilogy Metals.
Recent press releases and 8-K filings for TMQ.
Trilogy Metals Establishes $200 Million At-The-Market Equity Program
TMQ
New Projects/Investments
- Trilogy Metals Inc. has entered into an at-the-market (ATM) equity distribution agreement to potentially raise up to US$200,000,000 through the sale of common shares.
- The program, effective November 7, 2025, allows the company to sell shares at its discretion at prevailing market prices through agents including Cantor Fitzgerald & Co. and BMO Capital Markets Corp..
- The net proceeds from any sales are anticipated to be used for the continued development of the Upper Kobuk Mineral Projects (UKMP) in Alaska and for general corporate purposes.
- The agreement will terminate upon the earlier of October 31, 2028, or when the aggregate gross sales proceeds reach US$200,000,000.
Nov 7, 2025, 11:49 PM
Trilogy Metals provides update on Ambler Access Project permits
TMQ
New Projects/Investments
- Trilogy Metals Inc. announced that the Alaska Industrial Development and Export Authority (AIDEA) has executed federal Right-of-Way permits for the Ambler Access Project (AAP) in Alaska.
- These permits formally re-establish the federal authorizations for the proposed 211-mile industrial-use-only road, restoring a 50-year right-of-way across federally managed lands.
- The re-issuance of permits follows a Presidential decision on October 6, 2025, and enables AIDEA to proceed with road planning activities for next year.
- The Ambler Access Road is crucial for advancing exploration and development at the Ambler Mining District, which contains significant copper-dominant polymetallic deposits.
Oct 24, 2025, 12:41 PM
Trilogy Metals Provides Update on Ambler Access Project Permits
TMQ
New Projects/Investments
- Trilogy Metals announced that the Alaska Industrial Development and Export Authority (AIDEA) has executed Right-of-Way permits for the Ambler Access Project (AAP).
- These permits formally re-establish the federal authorizations required for the 211-mile, industrial-use-only road.
- The permits restore the 50-year right-of-way across federally managed lands, following an October 6, 2025 Presidential decision.
- With the permits in effect, AIDEA plans to proceed with road planning activities, including updating detailed engineering plans, programs, and budgets for next year.
Oct 24, 2025, 10:30 AM
Trilogy Metals: President Trump Grants Permits for Ambler Access Project
TMQ
New Projects/Investments
Guidance Update
- 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.
- 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.
- 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.
- Trilogy Metals anticipates providing an update on advancing engineering, baseline environmental work, and community engagement prior to the end of the year.
Oct 6, 2025, 11:54 PM
Trilogy Metals Announces Strategic Investment by US Department of War
TMQ
New Projects/Investments
Board Change
- 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).
- 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.
- Following the transaction, the DOW will hold approximately 10% of Trilogy's issued and outstanding common shares. Trilogy and South32 will reinvest the entire proceeds into Ambler Metals.
- The DOW will have the right to appoint one independent third-party director to Trilogy's board for three years. 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.
Oct 6, 2025, 11:47 PM
Trilogy Metals Receives Federal Investment and Ambler Road Project Revival
TMQ
New Projects/Investments
Revenue Acceleration/Inflection
- 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.
- 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%.
- Following this announcement, Trilogy Metals' shares surged approximately 200% in premarket trading.
- The project is projected to create over 2,700 jobs and generate about $1.1 billion in state revenues over its lifespan.
Oct 6, 2025, 10:36 PM
Trilogy Metals Announces Strategic Investment by U.S. Department of War
TMQ
New Projects/Investments
M&A
- 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).
- 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.
- 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.
- 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.
- 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.
Oct 6, 2025, 9:03 PM
Trilogy Metals Reports Q3 2025 Financial Results
TMQ
Earnings
New Projects/Investments
- 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.
- 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.
- 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.
- 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.
Sep 30, 2025, 11:09 PM
Trilogy Metals Reports Third Quarter Fiscal 2025 Financial Results
TMQ
Earnings
New Projects/Investments
- 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.
- 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.
- 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.
- 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.
Sep 30, 2025, 9:44 PM
Quarterly earnings call transcripts for Trilogy Metals.
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