Trilogy Metals Enters Into At-The-Market Equity Distribution Agreement

Executive Summary

• Trilogy Metals entered into an at‑the‑market (ATM) equity distribution agreement allowing up to US $200 million of common shares to be sold.
• Proceeds are intended for continued development of the Upper Kobuk Mineral Projects in Alaska and general corporate purposes.
• The ATM program runs until October 31 2028 or until aggregate gross proceeds reach US $200 million, whichever occurs first.

Key Details

• Agreement Parties: Cantor Fitzgerald & Co. and BMO Capital Markets Corp. (Lead Agents); Canaccord Genuity LLC, National Bank of Canada Financial Inc., and Raymond James (USA) Ltd. (Additional Agents).
• Maximum Offering Size: Up to US $200 million of common shares (“Offered Shares”).
• Sale Mechanics: Shares will be sold at prevailing market prices on U.S. exchanges; no sales will be made in Canada or on Canadian exchanges.
• Termination Conditions: The agreement terminates on the earlier of (i) October 31 2028, or (ii) when aggregate gross proceeds equal US $200 million.
• Use of Proceeds: Primarily for development of the Upper Kobuk Mineral Projects (UKMP) in Alaska and for general corporate purposes.
• Regulatory Filings: Prospectus supplement filed November 7 2025 to the Company’s Form S‑3 automatic shelf registration (File No. 333‑291209); available on EDGAR.
• Discretionary Sales: Trilogy may elect the timing and volume of any share sales; there is no obligation to sell any shares under the agreement.

Notable Quotes

(No direct quotes were provided in the release.)