Trilogy Metals sets 2026 budget for company, Ambler JV

Executive Summary

• Trilogy Metals Inc. and its joint venture partner South32 Ltd. (via Ambler Metals LLC) have approved their 2026 work programs and budgets, focusing on advancing the Upper Kobuk Mineral Projects (UKMP) in Alaska toward permitting and technical derisking.
• Ambler Metals has allocated approximately $35 million for 2026 to initiate mine permitting for the Arctic project, conduct geotechnical and condemnation drilling, and prepare the Bornite project camp.
• Trilogy Metals has approved a $5 million corporate budget for 2026 and maintains a cash position of over $50 million, supplemented by recent equity financing and an anticipated strategic investment from the U.S. Department of War.

Key Details

• Ambler Metals 2026 Budget: Approximately $35 million allocated for the advancement of the Upper Kobuk mineral projects (UKMP).
• Permitting Strategy: Targeting mine permit submissions in 2026 for the Arctic project, potentially leveraging the federal FAST-41 framework for expedited permitting.
• Exploration & Drilling:
  • Focus on the Arctic project, including geotechnical and condemnation drilling to support mine design, infrastructure placement, and production planning.
  • Re-establishment of an independent management team dedicated to UKMP advancement.
  • Opening of the Bornite project camp during the 2026 summer field season for geotechnical/exploration drilling and camp maintenance.
• Ambler Access Project: Continued evaluation of early-stage funding opportunities through an arrangement with the Alaska Industrial Development and Export Authority (AIDEA) for the Ambler Road (a proposed 211-mile industrial-use-only road).
• Trilogy Metals Corporate Budget: Approximately $5 million approved for 2026, primarily for public company compliance and oversight of the Ambler Metals investment.
• Financial Position: Cash position of over $50 million.
• Recent Equity Financing: In October 2025, Trilogy utilized its at-the-market (ATM) program to sell 3,513,495 common shares at an average price of $7.12 per share, generating gross proceeds of approximately $25 million.
• Strategic Investment: Anticipated closing in early 2026 of a transaction with the U.S. Department of War involving a strategic investment of approximately $35.6 million to support critical mineral resource development at the UKMP.

Notable Quotes

• "The program and budget for Ambler Metals LLC, as well as Trilogy Metals Inc.'s corporate budget for 2026, reflect a year focused on advancing the Ambler mining district toward permitting, technical derisking and long-term development."