February hasn't been kind to Trilogy Metals (NYSEMKT: TMQ) stock. Through the first half of the month, shares of the exploration and development mining company had fallen more than 16%. And things have continued heading south over the past few days. The company reported fourth-quarter 2025 financial results this week, and a well-known billionaire exited his position in Trilogy Metals -- two catalysts for the stock's recent decline. According to data provided by S&P Global Market Intelligence, shares of T ...

Group 1 - The U.S. government has shifted towards direct equity investments in strategic private companies to bolster national security and reduce reliance on foreign supply chains, particularly from China [1][2] - This approach has been compared to an informal "American sovereign wealth fund," leading to significant stakes in publicly traded firms, which may present compelling investment opportunities [1][2] - The focus of these investments includes sectors vital to defense, AI, electric vehicles, and energy independence, with all identified companies rated Buy by top Wall Street firms [1] Group 2 - Cameco Corp. is a leading uranium supplier with a small dividend and a significant deal with the U.S. Commerce Department to finance $80 billion in nuclear plant construction [1] - Intel Corp. has seen a government acquisition of a 10% stake through an $8.9 billion investment, positioning it as a major player in the semiconductor industry [1] - L3Harris Technologies Inc. received a $1 billion investment from the Pentagon to expand missile production, with a reliable dividend and a focus on national security technology solutions [2] - Lithium Americas Corp. is developing the Thacker Pass lithium project, which is considered a potential major investment opportunity due to its sought-after product [2] - MP Materials Corp. operates the only rare earth mine in the U.S. and secured a $400 million investment from the Department of Defense to enhance domestic production [2] - Trilogy Metals Inc. holds a 50% interest in the Upper Kobuk Mineral Projects in Alaska, with a government stake that could increase investor interest [2]

Core Viewpoint - Trilogy Metals experienced a significant decline in key financial metrics for fiscal 2025 compared to 2024, leading to a nearly 13% drop in its stock price following an uninspiring earnings report [1][2]. Financial Performance - The company's net loss increased dramatically to $42.4 million from a loss of under $8.6 million in the previous year [4]. - General and administrative costs rose slightly to $1.3 million from $1.2 million in 2024, indicating a lack of operational efficiency [4]. - Trilogy did not disclose a top-line revenue figure in its earnings report [4]. Government Investment - Trilogy signed a binding letter of intent with the U.S. Department of Defense, which will invest approximately $17.8 billion for over 8.2 million units of the company at a price of $2.17 per unit [5]. Management Perspective - Management, including CEO Tony Giardini, emphasized the strengthening of the company's financial position and alignment with U.S. federal and state stakeholders focused on securing domestic supplies of critical minerals [6]. Market Data - The current market capitalization of Trilogy Metals is $722 million, with a stock price of $3.70 [7]. - The stock has a 52-week range of $1.13 to $11.29, indicating significant volatility [7]. - Despite the disappointing financial results for 2025, the company has promising projects in the Arctic and Bornite, suggesting potential for future growth [7].

Trilogy Metals Reports Fiscal 2025 Year-End Results and Highlights Strategic U.S. Federal Support for Domestic Critical Minerals Production Exhibit 99.1 VANCOUVER, BC, Feb. 17, 2026 /CNW/ - Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) ("Trilogy Metals", "Trilogy" or the "Company") reports its financial results for the year ended November 30, 2025, and provides an update on strategic priorities as the Company advances the Upper Kobuk Mineral Projects ("UKMP") in northwestern Alaska, held by Ambler Met ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended November 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 1-35447 TRILOGY METALS INC. (Registrant's Telephone Number, Including Area Code) | Title of Each Class | Trading Symbol | Name of ...

Core Viewpoint - Trilogy Metals has reported significant advancements in its fiscal 2025 year-end results, highlighting a strategic investment from the U.S. federal government aimed at bolstering domestic critical minerals production, particularly through the Upper Kobuk Mineral Projects in Alaska [1][2]. Financial and Operational Highlights - Trilogy Metals plans to open the Bornite camp during the 2026 summer field season for geotechnical and exploration drilling [1]. - The U.S. government is committed to facilitating financing for the construction of the Ambler Road, in collaboration with the State of Alaska [1]. - A budget of $35 million has been approved for the Ambler Metals joint venture for 2026, focusing on permitting and development milestones [1][2]. - The company reported a net loss of $42.2 million for the year ended November 30, 2025, compared to a net loss of $8.6 million in fiscal 2024 [1][2]. - As of November 30, 2025, Trilogy Metals had a strong cash balance of $51.6 million, providing financial flexibility [1]. U.S. Federal Strategic Investment - Trilogy entered a binding letter of intent with the U.S. Department of War for a conditional investment of approximately $17.8 million, reflecting the strategic importance of the UKMP to domestic critical mineral supply chains [1][2]. - The investment includes 8,215,570 units at a price of $2.17 per unit, each comprising one common share and ¾ of a 10-year warrant [1]. Strengthened Leadership and Joint Venture Oversight - The company has expanded its senior leadership and advisory capabilities to support the execution and oversight of the joint venture, particularly as mine permitting and project activity are expected to accelerate [2]. - Engagement with local communities and stakeholders remains a core focus, emphasizing transparent communication and long-term workforce planning [2]. Ambler Metals Budget and Activities - The approved budget for Ambler Metals for fiscal 2026 is approximately $35 million, with Trilogy's share being $17.5 million [2]. - Exploration activities will primarily focus on the Arctic Project, including geotechnical and condemnation drilling to support mine design and infrastructure placement [2].

Core Insights - The Trump administration has decided to abandon plans to guarantee a minimum price for U.S. critical minerals projects due to potential lack of congressional funding and market pricing complexities [1] - This policy shift will influence future deals but does not affect the previously agreed price floor for MP Materials set last July [3] Industry Developments - The administration's renewed focus on domestic critical minerals includes a recent investment of $1.6 billion in USA Rare Earth Inc., aimed at reducing reliance on China for key rare earth elements [4] - MP Materials announced a public-private partnership with the U.S. Department of War, involving a $400 million investment in preferred shares and $1 billion in financing for a new U.S. magnet plant [5] - American Resources Corp. is building a fully domestic rare earth magnet supply chain with a $1.4 billion deal to produce 10,000 metric tons annually [6]

Core Viewpoint - Trilogy Metals Inc. is expanding its advisory and leadership teams to enhance oversight of the Upper Kobuk Mineral Projects following a US federal government investment aimed at advancing exploration and development in northwestern Alaska [1][2]. Management Team Expansion - The management team is being augmented to strengthen oversight of the joint venture with South32, which is crucial for accelerating mine permitting and project activities at Ambler Metals [2]. - Key management roles are being recruited to drive project execution as part of the 2026 program and budget for Ambler Metals [2]. New Appointments - Egizio Bianchini has been appointed as Strategic Advisor, bringing over 40 years of experience in metals and mining financial services, including leadership roles at Stifel GMP and BMO Capital Markets [3][6]. - Olav Langelaar has been appointed Vice President, Corporate Development, with over 30 years of experience in Canadian capital markets and international mining [8]. - Matthew Keevil has been appointed Vice President, Investor Relations and Business Development, with more than 20 years of experience in capital markets and investor relations in the mining sector [10]. - Kimberly Lim has been appointed Director, Corporate Communications, with over 15 years of experience in communications and investor relations for natural resources and technology companies [12]. Strategic Importance - The appointments are seen as a strategic step forward for the company, enhancing expertise in capital markets, mining operations, investor relations, and corporate communications [4]. - The expanded team is expected to facilitate the closing of the US government's investment and advance the UKMP as a key domestic source of critical minerals [5]. Company Overview - Trilogy Metals holds a 50% interest in Ambler Metals, which has a 100% interest in the UKMP located in the Ambler Mining District, known for its rich copper-dominant deposits [14]. - The UKMP hosts world-class polymetallic volcanogenic massive sulphide deposits containing copper, zinc, lead, gold, and silver, as well as high-grade copper and cobalt mineralization [14]. - The company aims to develop the Ambler Mining District into a premier North American copper producer while respecting local subsistence livelihoods [14].

Core Viewpoint - Trilogy Metals Inc. is advancing its Ambler Mining District projects with a focus on permitting, technical de-risking, and long-term development, supported by a budget of approximately $35 million for 2026 [2][3][4]. Group 1: 2026 Program and Budget - Ambler Metals LLC has approved a budget of approximately $35 million for the Upper Kobuk Mineral Projects (UKMP) in northwestern Alaska for 2026 [2]. - The 2026 work program is crucial for initiating the mine permitting process for the Arctic Project and advancing technical foundations for future development [3][4]. Group 2: Permitting and Technical Advancements - The joint venture aims to submit mine permits in 2026, potentially utilizing the FAST-41 federal program to enhance permitting efficiency [4]. - Engineering, environmental, and technical programs will be advanced to support a final investment decision for mine construction and operations [5]. Group 3: Exploration and Drilling Activities - Exploration in 2026 will focus on the Arctic Project, including geotechnical and condemnation drilling to aid mine design and infrastructure planning [6]. - The Bornite Project camp will be prepared for ongoing exploration, with plans to open during the summer field season for drilling and maintenance [6]. Group 4: Management and Community Engagement - An independent management team will be re-established to oversee the next phases of advancement at the UKMP, focusing on permitting, technical programs, and community engagement [7]. - Engagement with local communities and stakeholders will be emphasized, ensuring transparent communication and workforce development [7]. Group 5: Financial Position and Funding - Trilogy Metals has approved a corporate budget of approximately $5 million for 2026, primarily for compliance and oversight of its investment in Ambler Metals [9]. - The company maintains a strong cash position of over $50 million, which will support ongoing operations and future joint venture requirements [9]. - Additional funding of approximately $35.6 million is expected from a strategic investment by the US federal government to support critical mineral resource development at the UKMP [11].

Group 1: Hong Kong Stocks - LeMo Technology (02539) surged nearly 17%, reaching a new high of 67.8 HKD, over 60% increase from the IPO price of 40 HKD [1] - Baixin An-B (02185) rose over 4% after announcing that its subsidiary completed the registration of the Iberis multi-polar renal artery radiofrequency ablation catheter system in New Zealand, the only product approved for both radial and femoral artery access for renal denervation [1] - Health Road (02587) increased over 2% as it announced plans to repurchase up to 100 million HKD of its shares in the open market, reflecting confidence in its business outlook [1] - Deutsche Bank Tianxia (02418) fell over 8% following a report that revealed 10 shareholders collectively held 98.9% of the company's issued H-shares, leaving only 1.1% for other investors [1] Group 2: Other Notable Stocks - Kailaiying (06821) rose nearly 2% as its Shanghai Fengxian commercial production base officially commenced operations, marking a significant upgrade in its biopharmaceutical CDMO capabilities [2] - Tianyu Semiconductor (02658) rebounded over 12% on its second day of trading, although still down 20% from its IPO price of 58 HKD [2] - Lithium stocks saw gains, with Ganfeng Lithium (01772) up 4.65%, Hongqiao Group (08137) up 2.15%, Tianqi Lithium (09696) up 3.29%, and CATL (03750) up 1.51% [2] - AAC Technologies (02018) rose nearly 2% after Alibaba launched its first self-developed flagship AI glasses, the Quark AI Glasses S1 [2] - Zhou Hei Ya (01458) increased over 5% as it announced the opening of its first overseas brand store in Malaysia on December 5, 2025 [2] Group 3: US Market Highlights - US mining stocks generally rose, with Albemarle (ALB.US) up 5.08% and MP Materials (MP.US) up 0.47%, amid reports of the US government planning to increase its stake in key mineral companies [5] - Paramount Skydance (PSKY.US) fell 9.82% after proposing a buyout of Warner Bros Discovery (WBD.US) at $30 per share, while Netflix (NFLX.US) offered $27.75 per share [5] - Intel (INTC.US) rose 2.25% after announcing it would retain its network and edge computing business, enhancing integration in AI and data center solutions [5] - Netflix (NFLX.US) dropped 2.89% while Warner Bros Discovery (WBD.US) rose 6.28% following Netflix's announcement of a $27.75 per share acquisition offer for Warner Bros [6] - Baidu (BIDU.US) increased by 5% as reports emerged that Kunlun Core is preparing for an IPO in Hong Kong, targeting early 2026 for its application [6]