Disseminated on behalf of Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) and may include paid advertising.
- Trilogy Metals’ Arctic Project in Alaska’s Ambler Mining District hosts probable mineral reserves of 46.7 million tonnes grading 2.11% copper, 2.9% zinc, 0.56% lead, plus gold and silver, supporting a feasibility-stage development plan
- The Arctic Project is part of the Upper Kobuk Mineral Projects spanning roughly 190,929 hectares, a district-scale land package prospective for additional polymetallic discoveries
- Alongside Arctic, the nearby Bornite Project contains an inferred copper resource of 6.527 billion pounds, providing a second major mineralized system within the same Upper Kobuk Mineral Projects area
Volcanogenic Massive Sulphide (“VMS”) deposits are one of mining’s most interesting paradoxes: they form in tectonically active environments, yet they often deliver the kind of metal endowment that makes a district worth building infrastructure around. For investors trying to understand why certain base metal projects command attention in any cycle, VMS geology explains why some deposits can be high-grade, polymetallic, copper or precious-metal rich, and repeatable across a belt.
Trilogy Metals (NYSE American: TMQ) (TSX: TMQ) is a case study in what happens when that favourable geology is present at a district scale. The company is focused on Alaska’s Ambler Mining District through the Upper Kobuk Mineral Projects (“UKMP”), a large land position that includes the feasibility-stage Arctic VMS Project and the Bornite copper-cobalt system.
VMS 101: How the Seafloor Builds Metal Endowment
A VMS deposit is essentially the fossilized footprint of a hydrothermal system that was deposited on or near the seafloor. In simplified terms, seawater percolates down through fractures in hot volcanic rocks, heats up, leaches metals, then rises back to the seafloor, where it vents into the ocean. As the hot, metal-rich fluids cool and mix with seawater, sulphide minerals precipitate and accumulate, often forming thick, high-grade lenses. This is why VMS deposits are typically associated with ancient underwater volcanic settings and why they commonly occur in clusters along a belt rather than as isolated, one-off occurrences.
This has important implications for mining economics. VMS systems tend to concentrate multiple metals together, commonly copper and zinc, with lead, silver, and gold credits. That polymetallic nature can create multiple payable streams and, in favorable metallurgical conditions, meaningful byproduct offsets. It can also reduce dependence on a single commodity, a practical advantage in metal price cycles.
Why VMS Projects Can Be “District” Stories, Not Single-Deposit Stories
A second key trait of VMS belts is repetition. If the right geological “plumbing” existed once, it can occur again nearby, especially along the same structural corridor. That is why many of the world’s most productive base metal camps are better understood as belts containing multiple deposits, rather than as single, isolated mines.
Trilogy’s Arctic Project is positioned in that style of setting, as part of a total land package of about 190,929 hectares (471,796 acres).
In the context of VMS exploration, scale matters because it increases the odds of finding additional lenses, satellite deposits, or completely new deposits that can extend mine life.
Arctic: A Feasibility-Stage VMS Deposit with Polymetallic Grades
At the center of Trilogy’s near-term development narrative is the Arctic Project, a VMS deposit advanced to feasibility-study stage. In the January 2026 corporate presentation, Trilogy reports mineral reserves of 46.7 million tonnes grading 2.11% copper, 2.9% zinc, 0.56% lead, plus 0.42 g/t gold and 31.8 g/t silver.
Those grades underscore the defining VMS attribute: compact tonnage paired with high metal intensity and a meaningful mix of payable products. The same presentation frames Arctic as supporting a 13-year mine life and provides base-case economics (pre-tax Net Present Value of $1.5 billion and 25.8% Internal Rate of Return at a base-case copper price of $3.65 per pound).
VMS grade and byproduct credits can translate into robust per-tonne value when the project is engineered and permitted appropriately.
Bornite: A Second Major System Inside the Same Project Area
While Arctic represents the flagship VMS-style development plan, Trilogy also points to Bornite as a substantial source of copper within the broader UKMP footprint. Unlike the Arctic VMS deposit hosted in volcanic rocks, Bornite is hosted by limestones and dolomites that are sedimentary rocks. The corporate presentation cites an inferred copper resource of 6.527 billion pounds at Bornite, associated with 208.9 million tonnes grading 1.42% copper.
Bornite’s importance in a “Geology 101” discussion is that it shows UKMP is not a single-deposit story. In districts where infrastructure, permitting effort, and stakeholder engagement are major value drivers, multiple sizable mineralized systems can matter as much as grade. Trilogy highlights a Bornite Preliminary Economic Assessment (“PEA”) framework and positioning that could extend UKMP mine activity beyond a single mine life scenario.
The Practical Overlay: Permitting and the “Access” Question
Even the best geology has to clear practical hurdles. On permitting, Trilogy’s presentation notes that a 404 wetlands permit from the U.S. Army Corps of Engineers is the only significant federal permit required, with other major permits issued by the State of Alaska.
The document also lays out a NEPA Environmental Impact Statement pathway that frames permitting as a defined sequence rather than an abstract concept.
Trilogy also emphasizes balance sheet positioning and strategic context, including disclosure of cash of approximately US$50 million and no debt (as presented).
Why VMS Resonates with Metal Investors
For metal investors, VMS deposits remain compelling because they uniquely combine three characteristics: relatively high grades, multiple payable metals, and a tendency to occur in belts capable of hosting numerous deposits awaiting discovery. Trilogy’s exposure is framed around this district logic: a large land position in a mineral-rich belt, anchored by a feasibility-stage Arctic VMS deposit and complemented by a second major copper system at Bornite.
In plain terms, VMS geology is compelling because it offers a repeatable recipe for building a mining district. Trilogy Metals is attempting to translate that recipe into an Alaska-based critical minerals development story, with the Arctic deposit serving as the feasibility-stage cornerstone and the broader UKMP footprint providing exploration upside and long-term optionality – exactly the kind of repeatable potential that VMS belts are known for.
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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