Trilogy Metals Announces Strategic Investment by US Federal Government

This news release constitutes a "designated news release" for the purposes of Trilogy Metals Inc.'s prospectus supplement dated May 27, 2025, to its short form base shelf prospectus dated April 14, 2025.

NYSE American / TSX

Symbol: TMQ

VANCOUVER, BC, Oct. 6, 2025 /PRNewswire/ - Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) ("Trilogy Metals", "Trilogy" or "the Company") is pleased to announce that the Company, South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) ("South32") and Ambler Metals LLC ("Ambler Metals") have entered into a binding letter of intent with the U.S. Department of War ("DOW"), led by the Office of the Undersecretary of Defense for Acquisitions and Sustainment ("OUSD (A&S)") and the Office of Strategic Capital ("OSC"), for an investment to advance exploration and development of the Company's Upper Kobuk Mineral Projects ("UKMP").  The UKMP are held by Ambler Metals  – the Company's 50/50 joint venture with South32.

The DOW to invest approximately $35.6 million for the development of critical mineral resources at the UKMP in transactions with Trilogy Metals and South32.

The DOW will hold approximately 10% of Trilogy Metals.

The DOW intends to invest approximately $17.8 million in Trilogy Metals in exchange for 8,215,570 units at a price of $2.17 per unit, with each unit comprising of one common share of Trilogy Metals and 3/4 of a 10-year warrant. Each full warrant would be exercisable following completion of construction of the Ambler Access Project (or "Ambler Road") at an exercise price of $0.01 to acquire one common share of Trilogy.

Read More: PRNewswireNews - Jornalwebdigital