Trilogy Metals arranges ATM offering

Executive Summary

• Trilogy Metals Inc. has entered into an At-The-Market (ATM) equity distribution agreement with Cantor Fitzgerald & Co. and BMO Capital Markets Corp. as lead agents, allowing for the issuance of up to $200 million (U.S.) in common shares.
• The ATM program is effective immediately and allows the company to sell shares at prevailing market prices at its discretion, with no obligation to sell any specific amount.
• Net proceeds from the ATM program are anticipated to be used for the continued development of the Upper Kobuk mineral projects (UKMP) in Alaska and for general corporate purposes.

Key Details

• Transaction Structure: At-The-Market (ATM) equity distribution agreement.
• Lead Agents: Cantor Fitzgerald & Co. and BMO Capital Markets Corp.
• Additional Agents: Canaccord Genuity LLC, National Bank of Canada Financial Inc., and Raymond James (USA) Ltd.
• Maximum Gross Proceeds: Up to $200 million (U.S.).
• Pricing Mechanism: Shares will be sold at the prevailing market price at the time of sale.
• Obligation: The company is not obligated to sell any offered shares; volume and timing are at the company's sole discretion.
• Use of Proceeds: Continued development of the Upper Kobuk mineral projects (UKMP) in Alaska and general corporate purposes.
• Jurisdiction: Sales will be made on the NYSE American LLC; no sales will be made in Canada or to Canadian residents.
• Term/Expiration: The agreement terminates on the earlier of October 31, 2028, or when aggregate gross sales proceeds reach $200 million (U.S.).
• Regulatory Filing: The program is pursuant to a prospectus supplement dated Nov. 7, 2025, to the company's U.S. automatic shelf registration statement on Form S-3 filed Oct. 31, 2025.

Notable Quotes

• None provided in the text.