Trilogy Metals Extends $35.6M DOE Investment Closing to July 2026

Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) has announced an extension of the targeted closing date for its proposed $35.6 million strategic equity investment from the U.S. Department of War, now set for July 31, 2026, instead of May 31, 2026. The company noted that key pre-closing milestones have been achieved, including the completion of the U.S. government's Foreign Ownership, Control or Influence review and the reauthorization of the Defense Production Act. Ongoing discussions are focused on a framework agreement related to financing and construction of the proposed Ambler Access Project. This investment is intended to support the development of the Arctic Project in Alaska's Ambler Mining District, which is one of North America's highest-grade undeveloped copper-zinc-lead-gold-silver deposits. Trilogy also highlighted recent progress in the federal permitting process, noting that the Arctic Project was accepted as a FAST-41 Covered Project in May 2026, establishing a formal permitting timetable and advancing the project alongside the proposed government investment.

Trilogy Metals Inc. is a metal exploration and development company holding a 50 percent interest in Ambler Metals LLC, which has a 100 percent interest in the Upper Kobuk Mineral Projects (UKMP) in northwestern Alaska. On December 19, 2019, South32, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy Metals. The UKMP is located within the Ambler Mining District, one of the richest and most-prospective known copper-dominant districts in the world. It hosts polymetallic VMS deposits containing copper, zinc, lead, gold, and silver, as well as carbonate replacement deposits with high-grade copper and cobalt mineralization. Exploration efforts have focused on two deposits: the Arctic VMS deposit and the Bornite carbonate replacement deposit, both within a land package spanning approximately 190,929 hectares. Ambler Metals has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation, providing a framework for exploration and potential development in cooperation with local communities. Trilogy Metals' vision is to develop the Ambler Mining District into a premier North American copper producer while protecting subsistence livelihoods.

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