The Permitting Fog Is Lifting on One of North America’s Highest-Grade Copper Projects

Disseminated on behalf of Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) and may include paid advertising.

• Arctic deposit grades are approximately 5.6% copper equivalent, with a projected mine life of 13 years at planned throughput, placing it among the highest-grade undeveloped copper projects globally.
• The Trump administration has reinstated the 2020 record of decision for the Ambler Access Road in Alaska through a presidential decree, while the repeal of Public Land Order 5150 could remove approximately 25 miles of road from federal permitting jurisdiction entirely.
• The U.S. Department of War committed $35.6 million to the Upper Kobuk Mineral Projects and a 10% stake in Trilogy Metals, signaling direct federal backing for the advancement of one of Alaska’s most strategically important critical mineral districts.

The critical minerals conversation has been building for years, but the policy environment has only recently begun to catch up with geology. As governments increasingly look to provide capital commitments, and as acquisition activity continues to shrink the pool of viable domestic copper developers, the projects that combine strong resource quality with the improving regulatory environment are drawing a new caliber of investor attention. Alaska’s Ambler Mining District stands out as one of those rare convergence points, and the company holding the keys to a distinct land package within it has just delivered one of the more consequential quarters in its history.

A Deposit That Stands Apart

At the center of Trilogy Metals’ (NYSE American: TMQ) (TSX: TMQ) portfolio is their flagship asset Arctic deposit, a volcanogenic massive sulfide (VMS) system containing copper, zinc, silver, gold, and lead in northwest Alaska. What distinguishes Arctic from most other undeveloped projects in the space is not just the multi-metal composition, but the grade. On a copper equivalent basis, the deposit grades approximately 5.6%, a figure that CEO Tony Giardini noted in a recent Kitco interview stands apart from virtually any comparable project in development today.

The deposit contains approximately 50 million tonnes of copper, supporting a projected mine life of 13 years at a planned throughput of 10,000 tonnes per day. At a base case copper price of $3.65 per pound, the pre-tax net present value of Arctic is estimated around $1.5 billion, with a capital intensity ratio of approximately $10,000 per copper equivalent tonne, placing it in the lowest quartile among global copper development projects on that measure.

The investment thesis, however, extends well beyond a single asset.

A District, Not Just a Deposit

The Ambler Mining District was discovered in the 1950s, yet only approximately 210,000 meters of drilling has been completed across its entire strike length in the seven decades since. By comparison, the world’s great VMS districts have typically seen upward of three million meters drilled. The Ambler Mining District, by that measure, has barely been tested.

Alongside Arctic, the Bornite deposit adds further scale with copper and cobalt mineralization. The district also shows indications of germanium, an element with significant defense applications.

Together, Arctic and Bornite position the Ambler Mining District as a potential multi-decade critical mineral development platform.

The Road Question, Materially Answered

For years, development at the Ambler Mining District has been constrained by infrastructure, specifically the proposed 211-mile Ambler Access Road that would connect the district to the existing state road network. A series of permitting approvals, reversals, and litigation created years of uncertainty that dampened progress.

That picture has shifted meaningfully. The Trump administration reinstated the 2020 record of decision through a presidential decree, and the Department of Interior’s repeal of Public Land Order 5150 could remove approximately 25 miles of the road from federal permitting jurisdiction, transferring it to state oversight. The only major federal permit now required for the road is the Section 404 wetlands permit. As Giardini described in the Kitco interview, the project is in a stronger permitting position today than even when the original 2020 approval was first issued.

Federal Capital as Strategic Endorsement

In October 2025, the U.S. Department of War committed $35.6 million for a 10% stake in Trilogy, structured as a direct 5% equity subscription and a 5% acquisition of an existing South32 shareholder position.

The DOD investment opens doors to broader project financing discussions, and the agreement allows the government to appoint an independent director to the board, providing additional visibility and institutional alignment as the project advances.

Trilogy also maintains its joint venture with South32 through Ambler Metals LLC, a partnership that has seen South32 commit approximately $200 million to the assets since the JV was formed. Together, the private-sector partnership and federal investment place the project among the few North American assets receiving attention from both sides.

Execution Ahead

Looking into 2026 and beyond, Trilogy’s near-term agenda is defined by execution. The company expects to initiate the mine permitting process within months, targeting the FAST-41 framework, which carries an expected timeline of 18 to 24 months. A drilling program is expected to run from May through September as technical work will be conducted to support a final future investment decision for mine construction and operations.

The financing picture is also evolving in the company’s favor. Precious metals now represent approximately 25% of Arctic’s deposit value, up from roughly 10% at the time of the 2023 feasibility study. That shift could open the door to silver and gold streaming arrangements as the project de-risks toward a potential final investment decision targeted in early 2028.

With domestic copper scarcity increasing as consolidation continues across the sector, the Ambler Mining District’s combination of grade, scale, improving infrastructure certainty, and federal alignment places it within a shrinking pool of projects capable of delivering what the supply chain increasingly demands.

For more information, visit www.trilogymetals.com.

NOTE TO INVESTORS: The latest news and updates relating to Trilogy Metals are available in the company’s newsroom at ibn.fm/TMQ

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