- Trilogy holds a 50% interest in Ambler Metals LLC, advancing the high-grade Upper Kobuk Mineral Projects (“UKMP”) in Alaska’s Ambler Mining District
- The Arctic deposit hosts 46.7 million tonnes of probable reserves grading 2.11% copper, supported by a 2023 feasibility study with a $1.5 billion pre-tax NPV
- Recent Preliminary Economic Assessment at Bornite outlines resources with the potential to extend mining operations at the UKMP beyond 30 years
Global demand for critical minerals is rising sharply as electrification, renewable energy, and emerging technologies accelerate. Copper has become central to this transition, with demand projected to outpace supply for decades. Many producing mines are seeing grades decline, while new projects often face long development timelines. As a result, high-grade resources in stable jurisdictions have become increasingly valuable for securing future supply chains.
Against this backdrop, Trilogy Metals (NYSE American: TMQ) (TSX: TMQ) is positioned as a key North American developer. The company, through its 50/50 joint venture with South32, controls the Upper Kobuk Mineral Projects (“UKMP”) in Alaska’s Ambler Mining District, considered one of the richest undeveloped copper-dominant regions globally.
Arctic Deposit Anchors Near-Term Development
The Arctic volcanogenic massive sulphide (“VMS”) deposit remains Trilogy’s most advanced project. A 2023 feasibility study highlighted 46.7 million tonnes of probable mineral reserves, grading 2.11% copper, 2.9% zinc, 0.56% lead, 0.42 g/t gold, and 31.8 g/t silver. The study outlined a $1.5 billion pre-tax net present value and a 22.8% after-tax internal rate of return, underscoring the robust economics.
The Arctic project is designed as an open-pit mine with conventional milling operations, producing copper, zinc, and lead concentrates containing significant precious metals by-products. With permitting and infrastructure planning advancing, Arctic represents a potential cornerstone asset to meet future North American copper needs.
Bornite Adds Scale and Longevity
Beyond Arctic, Trilogy is advancing the Bornite project, a carbonate hosted copper-cobalt deposit located within the same district. A Preliminary Economic Assessment completed in 2025 outlined mine expansion potential at the Upper Kobuk Mineral Projects. Bornite contains an inferred resource of 6.5 billion pounds of copper and cobalt mineralization, materials essential to electric vehicles, grid storage, and clean energy technologies.
When combined with Arctic, Bornite could underpin a district-scale mining hub with operations spanning more than 30 years. This scale enhances the economic case for regional infrastructure, particularly the proposed Ambler Access Road that would connect the district to Alaska’s highway system.
Partnerships and Regional Collaboration
Trilogy’s ability to advance these projects is strengthened by its partnerships. The joint venture with South32, a global diversified miner, provides both financial support and technical expertise. Meanwhile, its longstanding agreement with the NANA Regional Corporation, an Alaska Native Corporation, establishes a framework for exploration and potential development that aligns with local communities and shareholders.
This collaborative approach is essential in Alaska, where balancing economic development with subsistence practices and environmental stewardship is central to maintaining community support and advancing permitting processes.
Strong Financial Position and Flexibility
As of mid-2025, Trilogy reported more than $24 million in cash and no debt, alongside access to capital through a $50 million base shelf prospectus and a $25 million at-the-market program. This financial flexibility allows the company to continue advancing technical studies, permitting, and exploration while maintaining a disciplined balance sheet.
Positioned for a Tightening Market
With copper demand intensifying from electric vehicles, renewable energy systems, and data centers, Trilogy’s assets represent a strategic opportunity. Few undeveloped districts in the world combine the grade, scale, and jurisdictional stability found at the UKMP.
By advancing the Arctic and Bornite projects in partnership with South32 and NANA, Trilogy is positioning itself to supply essential minerals at a time when securing domestic sources has become a national priority for the United States.
For more information, visit www.TrilogyMetals.com.
NOTE TO INVESTORS: The latest news and updates relating to TMQ are available in the company’s newsroom at ibn.fm/TMQ
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