Trilogy Metals Provides Update on U.S. Department of War Strategic Equity Investment and Extends Closing Deadline to July 31, 2026

Executive Summary

• Trilogy Metals extended the closing deadline for its US$35.6 million strategic equity investment from the U.S. Department of War (DOW) to July 31, 2026, to finalize definitive transaction documentation.
• Key pre-closing milestones have progressed, including the completion of the DOW's Foreign Ownership, Control or Influence (FOCI) risk assessment and ongoing negotiations for the Ambler Road Framework Agreement.
• The Arctic Project was officially designated a "Covered Project" under FAST-41, establishing a statutory, enforceable permitting roadmap for its environmental review alongside the CWA Section 404 application filing.

Key Details

• Closing deadline for the US$35.6M DOW strategic equity investment extended from May 31, 2026, to July 31, 2026.
• Investment structured partly as a direct equity placement to support domestic copper supply chain security and reduce dependence on foreign-controlled critical minerals.
• DOW has successfully completed its FOCI risk assessment of Trilogy Metals, clearing a critical hurdle for finalizing definitive agreements.
• Parties (Ambler Metals, South32, Trilogy Metals, and U.S. Government) are actively discussing a framework agreement to govern financing and construction of the 211-mile Ambler Access Project.
• U.S. Congress reauthorized the Defense Production Act, maintaining the statutory foundation for the DOW's strategic equity investment program in domestic critical mineral companies.
• Arctic Project accepted as a FAST-41 "Covered Project" on May 15, 2026, triggering a statutory timetable: lead federal agencies have 21 days to invite cooperating agencies and 60 days to publish a Coordinated Project Plan and permitting schedule.
• FAST-41 listing follows the April 2026 submission of a Clean Water Act Section 404 permit application to the U.S. Army Corps of Engineers, initiating formal federal permitting for the Arctic Project.

Notable Quotes

• "We are highly encouraged by the progress we have made toward closing this landmark investment. We are extending the closing date to July 31 to allow adequate time to finalize the transaction documents to the standard this agreement deserves. This investment from the U.S. Government signifies the strategic importance to American critical mineral supply chain security, and we remain fully committed to closing on this schedule." - Tony Giardini, President and CEO