- 50% joint venture interest in Ambler Metals, which controls Alaska’s high-grade Upper Kobuk Mineral Projects in one of the richest copper-dominant districts globally
- $24.6 million in cash as of May 31, 2025, with Base Shelf Prospectus and $25 million ATM Program in place for future funding flexibility
- Ongoing development of Arctic and Bornite deposits, backed by agreements with local Alaska Native Corporation for collaborative exploration
Copper’s Strategic Role in Energy Transition
Global demand for copper is set to rise sharply over the next decade as electrification, grid modernization, and renewable energy accelerate. The International Energy Agency estimates that copper demand from clean energy technologies will more than double by 2040, driven by upgraded transmission infrastructure, and the buildout of electric vehicles, and wind and solar capacity.
With many of the world’s producing copper mines facing declining grades, exploration and development projects in stable jurisdictions are increasingly critical to meeting long-term supply needs. This dynamic places high-grade, North American copper districts like Alaska’s Ambler Mining District in a favorable position to attract investment and development capital.
A High-Grade, Copper-Dominant District
Trilogy Metals (NYSE American: TMQ) (TSX: TMQ) holds a 50% interest in Ambler Metals LLC, a joint venture with South32 Limited, a globally diversified mining company. Ambler Metals owns 100% of the Upper Kobuk Mineral Projects (“UKMP”) in northwestern Alaska’s Ambler Mining District, a region recognized as one of the richest and most prospective copper-dominant areas globally.
The UKMP hosts both polymetallic volcanogenic massive sulphide (“VMS”) deposits, containing copper, zinc, lead, gold, and silver, and carbonate replacement deposits with high-grade copper and cobalt mineralization. The company’s primary development focus is on the Arctic VMS deposit and its exploration focus is on the Bornite carbonate replacement deposit.
The Arctic deposit features a feasibility-level resource, while Bornite contains a preliminary-economic-assessment-level resource with substantial growth potential for critical minerals. Together, they form the foundation of Trilogy’s long-term strategy to develop the Ambler Mining District into a premier North American copper producer.
Collaborative Approach with Local Stakeholders
An agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation, provides a framework for exploration and potential development in cooperation with local communities. This partnership approach helps ensure that project development respects subsistence livelihoods while delivering economic benefits to the region.
Strong Balance Sheet and Flexible Funding Options
As of May 31, 2025, Trilogy reported $24.6 million in cash and $23.8 million in working capital – sufficient to fund its approved fiscal 2025 cash budget of $3.1 million.
In April 2025, the company filed a Base Shelf Prospectus in Canada and a corresponding shelf registration statement on Form S-3 in the U.S., allowing for the issuance of up to $50 million in various securities over the next two to three years.
On May 27, 2025, Trilogy announced the launch of an at-the-market equity program (ATM Program), enabling it to sell up to $25 million in common shares at prevailing market prices. Proceeds, if utilized, are expected to support the continued development of the UKMP and general corporate purposes.
Advancing Key Projects
Earlier this year, Trilogy completed the Bornite Preliminary Economic Assessment (“PEA”). The study delivered initial economics for the underground portion of the high-grade copper-cobalt deposit, demonstrating the potential for a 30-year mine-life when combining Arctic and Bornite.
While there has been a reduction in overall activities at the State of Alaska’s Ambler access project, a planned 211-mile road to connect the mining district to Alaska’s highway system, Trilogy and its partners continue to advance technical work on the core deposits in anticipation of future infrastructure solutions.
Well-Positioned for Copper Market Dynamics
With a 50% interest in one of North America’s richest undeveloped copper districts, Trilogy Metals is strategically positioned to benefit from tightening copper supply-demand fundamentals. Its high-grade resources, stable jurisdiction, and strong joint venture partnership provide a solid foundation for future development.
The company’s prudent cash management, combined with flexible capital-raising tools through its Base Shelf Prospectus and ATM Program, enhances its ability to fund project advancement while minimizing dilution.
As the global energy transition continues to reshape commodity markets, the combination of grade, jurisdiction, and scale at the Upper Kobuk Mineral Projects underscores Trilogy’s potential role in meeting the world’s growing copper needs.
For more information, visit www.TrilogyMetals.com.
NOTE TO INVESTORS: The latest news and updates relating to TMQ are available in the company’s newsroom at ibn.fm/TMQ
