Core Points - Trilogy Metals Inc. held its Annual Meeting of Shareholders on May 13, 2025, in Vancouver, where all proposals were approved and nominees were elected as directors [1][2] - A total of 122,296,116 shares, representing 74.50% of the issued and outstanding shares eligible to vote, were represented at the meeting [1] Proposal Summaries - **Proposal 1: Election of Directors** - Tony Giardini received 99,486,993 votes (99.63% for) - James Gowans received 99,046,528 votes (99.19% for) - William Hayden received 99,277,655 votes (99.42% for) - William Hensley received 99,285,059 votes (99.43% for) - Gregory Lang received 94,042,296 votes (94.18% for) - Janice Stairs received 99,432,506 votes (99.58% for) - Diana Walters received 99,436,555 votes (99.58% for) [3] - **Proposal 2: Appointment of the Auditor** - 122,110,200 votes (99.85% for) were cast in favor of the appointment, with 183,915 votes (0.15% withheld) [4] - **Proposal 3: Approval of Restricted Share Unit Plan** - 97,738,217 votes (97.88% for) were in favor, with 1,734,107 votes (1.74% against) and 380,383 votes (0.38% abstaining) [5] - **Proposal 4: Approval of Deferred Share Unit Plan** - 97,718,577 votes (97.86% for) were in favor, with 1,749,193 votes (1.75% against) and 384,936 votes (0.39% abstaining) [6] - **Proposal 5: Approval of Executive Compensation** - 98,002,630 votes (98.15% for) were in favor, with 1,439,181 votes (1.44% against) and 410,896 votes (0.41% abstaining) [7] Company Overview - Trilogy Metals Inc. is a metal exploration and development company with a 50% interest in Ambler Metals LLC, which holds a 100% interest in the Upper Kobuk Mineral Projects in Northwestern Alaska [8] - The Upper Kobuk Mineral Projects are located in the Ambler Mining District, known for its rich copper-dominant deposits, including world-class polymetallic volcanogenic massive sulphide deposits [9] - The company aims to develop the Ambler Mining District into a premier North American copper producer while respecting local subsistence livelihoods [9]

VANCOUVER, BC, April 14, 2025 /PRNewswire/ - Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals" or the "Company") has filed a final short form base shelf prospectus with the securities commissions in each of the provinces and territories of Canada, and a corresponding shelf registration statement on Form S-3 with the United States Securities and Exchange Commission ("SEC") allowing for the future issuance, from time to time, of up to US$50,000,000 in common shares, warrants to purchase co ...

Financial Performance - For the quarter ended February 28, 2025, Trilogy Metals reported a comprehensive loss of $3.6 million, consistent with the loss of $3.6 million for the same period in 2024[80]. - The company reported a basic and diluted loss per common share of $0.02 for both the three-month periods ended February 28, 2025, and February 29, 2024[79]. Cash and Working Capital - The company had $25.2 million in cash and cash equivalents and a working capital of $24.6 million as of February 28, 2025, sufficient to fund the approved fiscal 2025 budget of $3.1 million[82]. - Ambler Metals, the joint venture with South32, had $6.5 million in cash and cash equivalents and $6.4 million in working capital, adequate to support its approved budget of $5.8 million for the fiscal year[83]. - Trilogy's 2025 fiscal year cash budget totals $3.1 million, with $0.8 million used in operating activities during the three-month period ended February 28, 2025[76]. - Ambler Metals approved a budget of $5.8 million for 2025, with expenditures of $1.2 million in the first quarter, exceeding the budgeted $1.0 million[77]. Project Development - The Bornite Preliminary Economic Assessment indicated a potential production of 1.9 billion pounds of copper over a 17-year mine life, with a pre-tax NPV at 8% of $552 million and an IRR of 23.6%[78]. - Trilogy Metals is focused on the exploration and development of mineral properties in the Ambler mining district, with significant projects including the Arctic and Bornite projects[73]. Expenses and Fees - Professional fees increased by $0.2 million in Q1 2025 due to consulting and legal fees related to the Bornite PEA and the Base Shelf Prospectus filing[80]. - General and administrative expenses decreased to $343,000 in Q1 2025 from $415,000 in Q1 2024[79]. Shareholder Information - As of April 2, 2025, Trilogy Metals Inc. had 164,216,410 common shares issued and outstanding, with 14,085,234 stock options and a weighted-average exercise price of CDN$1.63[85]. - The company holds 3,443,888 Deferred Share Units (DSUs) and 1,798,338 Restricted Share Units (RSUs) outstanding as of April 2, 2025[85]. - Upon the exercise of all convertible securities, Trilogy Metals would be required to issue an aggregate of 19,328,319 common shares[85]. Accounting and Disclosure - The FASB issued ASU 2023-07, effective for the fiscal year ended November 30, 2025, which expands segment disclosures, requiring significant segment expenses to be disclosed[87]. - ASU 2023-09, effective for the fiscal year ended November 30, 2026, enhances income tax disclosures, improving transparency and decision usefulness[88]. - The company assesses the possibility of impairment in its equity method investment in Ambler Metals, which is a non-publicly traded equity investment[90]. - Significant judgments are made in assessing the recoverability of the investment in Ambler Metals, which may lead to impairment charges if the underlying assets are not recoverable[90]. - Trilogy Metals must make estimates and judgments regarding income tax expense, deferred tax assets, and liabilities for unrecognized tax benefits[91]. - Compensation expense for stock options is determined using the Black-Scholes option pricing model, which requires input estimation that can significantly impact the recorded expense[93]. - Additional information regarding the company is available on SEDAR+ and EDGAR, including the annual report for the fiscal year ended November 30, 2024[94].

VANCOUVER, BC, April 2, 2025 /PRNewswire/ - Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals" or the "Company") announces its financial results for the first quarter ended February 28, 2025. Details of the Company's financial results are contained in the interim unaudited consolidated financial statements and Management's Discussion and Analysis which will be available on the Company's website at www.trilogymetals.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. All amount ...

Core Points - Trilogy Metals Inc. will hold its 2025 Annual General Meeting (AGM) on May 13, 2025, at 10:00 am Pacific Time in Vancouver, British Columbia [1] - All current directors will stand for re-election, and shareholders will vote on the approval of unallocated entitlements under the Restricted Share Unit Plan and Deferred Share Unit Plan [2] - Shareholders as of the record date of March 17, 2025, are eligible to vote, and the 2025 Management Information Circular has been filed and is available to the public [3][5] Company Overview - Trilogy Metals Inc. is a metal exploration and development company with a 50% interest in Ambler Metals LLC, which holds a 100% interest in the Upper Kobuk Mineral Projects in northwestern Alaska [7] - The Ambler Mining District is known for its rich copper-dominant deposits, including world-class polymetallic volcanogenic massive sulphide (VMS) deposits containing copper, zinc, lead, gold, and silver [7] - The company aims to develop the Ambler Mining District into a premier North American copper producer while respecting local subsistence livelihoods [7]

Core Points - Trilogy Metals Inc. is advancing the Ambler Access Project, a proposed 211-mile road to facilitate exploration and development in the Ambler Mining District, known for its rich copper-dominant polymetallic deposits [1] - Recent executive orders by President Trump aim to expedite resource development in Alaska, including the reinstatement of the right-of-way permit for the Ambler Road [2][3][4] - The Bureau of Land Management is working towards revoking public land withdrawals to support the Ambler Road project, which has received support from Alaska's political leaders [5] - The Kobuk Tribal Council has passed a resolution in support of the Ambler Road, recognizing its potential for local job creation and economic benefits [7][8] Company Overview - Trilogy Metals holds a 50% interest in Ambler Metals LLC, which owns the Upper Kobuk Mineral Projects in northwestern Alaska, located in a highly prospective copper-dominant district [10] - The Ambler Mining District hosts world-class polymetallic deposits, including the Arctic VMS deposit and the Bornite carbonate replacement deposit, covering approximately 190,929 hectares [10] - The company aims to develop the Ambler Mining District into a leading North American copper producer while respecting local subsistence lifestyles [10]

Group 1 - The individual began investing in precious metals in 2003 and has been a speculator since then, focusing on nano-cap junior gold explorers with a market cap under $20 million [1] - The individual has a successful real estate business in Michigan, purchasing homes for less than the cost to build them, indicating a favorable market condition despite the booming economy [1] - The individual has shifted focus to writing about companies with a market cap exceeding $100 million, as many previously favored companies have grown in value [1]

Financial Performance - For the fiscal year ended November 30, 2024, Trilogy Metals reported a net loss of $8.6 million, a decrease of $6.4 million compared to a net loss of $15.0 million in fiscal 2023[5]. - The basic and diluted loss per common share improved to $0.05 in 2024 from $0.10 in 2023[5]. - Exploration expenses decreased to $36,000 in 2024 from $43,000 in 2023, while general and administrative expenses decreased to $1.2 million from $1.3 million[5]. Cash and Budget - Trilogy Metals had $25.8 million in cash and $25.3 million in working capital as of November 30, 2024, sufficient to fund the approved fiscal 2025 budget of $3.1 million[10]. - Ambler Metals has a budget of $5.8 million for fiscal 2025, up from $5.5 million in 2024, focusing on external and community affairs and maintaining mineral claims[7]. - The company received $25.0 million from Ambler Metals as a return of excess cash to joint venture owners during the fiscal year[10]. - Trilogy's corporate budget for 2025 includes professional fees of $1.1 million, an increase from $0.6 million in 2024[8]. Regulatory and Development Challenges - The Ambler Access Project faced regulatory challenges, with the BLM selecting "No Action" as the preferred alternative, impacting future development plans[12]. - The company is monitoring the implications of an executive order signed on January 20, 2025, which may affect the Ambler Road Project[14]. Strategic Focus - Trilogy Metals continues to focus on developing the Ambler Mining District, which hosts significant copper and polymetallic deposits[16].

Financial Overview - The book value of the company's investment in Ambler Metals is $107.5 million as of November 30, 2024[151]. - The total estimated initial capital cost for the Arctic Project is $1,177 million, with a total capital cost of $1,291.2 million including sustaining and closure costs[311]. - The project demonstrates a pre-tax net present value (NPV) of $1,500 million at an 8% discount rate, with an internal rate of return (IRR) of 25.8% and a payback period of 2.9 years[322]. - The estimated cash flow forecast over the life of the mine is $3,942.6 million undiscounted pre-tax cash flow[323]. - The average life-of-mine (LOM) operating cost is estimated to be $59.83 per ton milled, with mining and processing costs accounting for 37.6% and 37.8% of total operating costs respectively[314]. Mineral Reserves and Resources - The mineral resource estimate includes 4.5 million tonnes with an average copper grade of 1.92% and contained metal content of 189 million pounds[247]. - The company reported Indicated Mineral Resources of 35.7 million tonnes with an average copper grade of 2.98% and contained copper of 2,347 million pounds[249]. - Inferred Mineral Resources are estimated at 4.5 million tonnes with an average copper grade of 1.92% and contained copper of 189 million pounds[249]. - The Probable Mineral Reserves total 46.7 million tonnes with an average copper grade of 2.11% and contained copper of 23.35 million tonnes[263]. - The mineral resource estimates are based on metal prices of $3.00/lb for copper, $0.90/lb for lead, $1.00/lb for zinc, $1,300/oz for gold, and $18/oz for silver[251]. Project Details - The Arctic Project consists of 2,136 contiguous State claims totaling 230,736 acres (93,336 hectares)[156]. - The Arctic Project has a life-of-mine (LOM) of 15 years, including 2 years of pre-production and 13 years of production, with a maximum mining capacity of 35 Mt/a and processing capacity of 10 kt/d[269]. - The project anticipates a total volume of waste rock of approximately 162.6 Mm³ (340 Mt) with a final height of the Waste Rock Facility (WRF) planned at 340 m[281]. - The Tailings Management Facility (TMF) is designed to store approximately 37.4 Mm³ (41.2 Mt) of tailings produced over the 13-year mine life[284]. - The project will require significant infrastructure, including access roads, a process plant, and various support facilities, with upgrades to the Dahl Creek airport included in the capital cost estimate[278]. Mining and Processing - The mining cost is estimated at $2.52/t, with process operating costs of $18.31/t and G&A costs of $5.83/t[152]. - The average variable process recoveries are 92% for Cu in concentrate, 62% for Pb, 88% for Zn, 47% for Au in Cu concentrate, and 33% for Ag in Cu concentrate[152]. - The projected metallurgical recoveries are 92% for copper, 77% for lead, 88% for zinc, 63% for gold, and 56% for silver[247]. - The average recovery rates are estimated at 92.1% for Cu, 61.3% for Pb, and 88.5% for Zn[275]. - The average Bond ball mill work index (BWi) was reported at 8.82 kWh/t, indicating the materials are soft for grinding[224]. Environmental and Regulatory Considerations - The project is subject to various permitting requirements, including approvals from the Alaska Department of Natural Resources and the Alaska Department of Environmental Conservation[295][296]. - The NEPA process for permitting could take approximately three years to complete, potentially longer depending on various factors[300]. - The project will require a Master Plan approval from the NWAB and changes to borough zoning for the project area[299]. - A cyanide destruction process demonstrated 99% removal of cyanide, supporting low cyanide concentrations in tailings pond solutions[229]. Exploration and Geological Information - Exploration activities targeting VMS style mineralization in the Ambler Sequence were conducted from 2004 to 2022, with significant field exploration between 2004-2007 and 2021-2022[196]. - The Ambler Mining District covers a 110 km strike length, characterized by VMS-like deposits and prospects[180]. - The mineralization at the Arctic deposit consists of Devonian age, polymetallic (zinc-copper-lead-silver-gold) VMS-like occurrences[191]. - Approximately 67,639 meters of drilling has been completed in the Ambler Mining District, including 55,038 meters at the Arctic deposit across 285 drill holes[201]. - The exploration work included geological mapping, geophysical surveys, and geochemical studies, with a focus on the Arctic deposit surface geology[197]. Community and Economic Impact - The Arctic Project is expected to create significant employment opportunities for local residents during exploration, construction, and operation phases[303]. - Stakeholder outreach has been conducted to engage with local communities and address employment hurdles faced by residents[304]. - The project will utilize proven technology and equipment suitable for adverse weather conditions[330]. Joint Ventures and Partnerships - The joint venture for the Arctic Project was formed between South32 and Trilogy in February 2020, with South32 contributing $145 million in cash[155]. - The company plans to utilize a public-private partnership to finance the construction of a 340 km access road to the Arctic Project area[265].

Core Viewpoint - Trilogy Metals Inc. reported a significant reduction in net loss for the fiscal year 2024 compared to 2023, indicating improved financial performance and operational efficiency [3][4][5]. Financial Results - For the year ended November 30, 2024, the company reported a net loss of $8.6 million, a decrease from a net loss of $15.0 million in 2023, reflecting a $6.4 million improvement [3]. - The basic and diluted loss per common share improved to $0.05 from $0.10 in the previous year [3]. - Exploration expenses decreased to $36,000 from $43,000, while general and administrative expenses fell to $1.2 million from $1.3 million [3]. - The share of loss on equity investment in Ambler Metals decreased by $5.2 million, primarily due to reduced corporate wages and mineral property expenses [3]. Outlook for 2025 - The company has approved a budget of $5.8 million for Ambler Metals in fiscal 2025, slightly up from $5.5 million in 2024 [4]. - A corporate budget of approximately $3.1 million has been set for 2025, compared to $2.8 million in 2024, with allocations for personnel, professional fees, and investor relations [5]. Liquidity and Capital Resources - As of November 30, 2024, Trilogy had $25.8 million in cash and working capital of $25.3 million, indicating a strong liquidity position [7]. - The company received $25.0 million from Ambler Metals as a return of excess cash during the fiscal year [7]. - Ambler Metals had $7.5 million in cash, sufficient to fund its approved fiscal 2025 operating budget of $5.8 million [7]. Ambler Mining District Industrial Access Project - The U.S. Bureau of Land Management (BLM) filed a Final Supplemental Environmental Impact Statement for the Ambler Access Project, identifying "No Action" as the preferred alternative [8][9]. - AIDEA, the proponent for the project, has objected to the BLM's decision, claiming it illegally blocks access to statehood lands and minerals [8]. - An executive order signed by President Trump on January 20, 2025, aims to review the BLM's decision and potentially reinstate a previous record of decision that approved the development of the Ambler Road [10]. Company Overview - Trilogy Metals Inc. holds a 50% interest in Ambler Metals LLC, which owns the Upper Kobuk Mineral Projects in northwestern Alaska, known for its rich copper-dominant deposits [12][13]. - The company aims to develop the Ambler Mining District into a premier North American copper producer while respecting local communities [13].