PART I - FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited interim financial statements show a slight asset decrease and a higher net loss compared to the prior year [Condensed Interim Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Balance%20Sheets) Total assets decreased slightly to $131.0 million, primarily due to the company's share of loss from its Ambler Metals LLC investment Condensed Balance Sheet Data (in thousands of US dollars) | | May 31, 2025 | November 30, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $24,616 | $25,834 | | Investment in Ambler Metals LLC | $106,152 | $107,497 | | **Total Assets** | **$130,983** | **$133,697** | | **Liabilities & Equity** | | | | Total Liabilities | $967 | $903 | | Total Shareholders' Equity | $130,016 | $132,794 | | **Total Liabilities and Shareholders' Equity** | **$130,983** | **$133,697** | [Condensed Interim Consolidated Statements of Loss and Comprehensive Loss](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) The net loss increased for both the three and six-month periods, driven by higher professional fees and equity investment losses Statement of Loss Highlights (in thousands of US dollars) | | Three Months Ended May 31 | Six Months Ended May 31 | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | Total expenses | $1,666 | $1,218 | $4,898 | $4,038 | | Share of loss on equity investment | $764 | $602 | $1,345 | $1,395 | | **Loss and comprehensive loss** | **($2,177)** | **($1,759)** | **($5,800)** | **($5,360)** | | Basic and diluted loss per share | ($0.01) | ($0.01) | ($0.04) | ($0.03) | [Condensed Interim Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Cash used in operations was $1.4 million, and the cash balance decreased by $1.2 million to $24.6 million for the six-month period Cash Flow Summary (in thousands of US dollars) | | Six Months Ended May 31, 2025 | Six Months Ended May 31, 2024 | | :--- | :--- | :--- | | Cash flows used in operating activities | ($1,425) | ($1,069) | | Cash flows from financing activities | $202 | $— | | Cash flows from investing activities | $— | $12,500 | | **Change in cash** | **($1,223)** | **$11,431** | | **Cash – end of the period** | **$24,616** | **$14,022** | [Notes to the Condensed Interim Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Consolidated%20Financial%20Statements) Notes detail the company's 50/50 joint venture, share capital activities, a new Base Shelf Prospectus, and stock-based compensation - The company's primary business is mineral exploration through its **50% equity investment** in Ambler Metals LLC, which holds the UKMP in Alaska[15](index=15&type=chunk)[26](index=26&type=chunk) - The investment in Ambler Metals is accounted for using the equity method, with a carrying value of **$106.2 million** as of May 31, 2025[27](index=27&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The company established a Base Shelf Prospectus to issue up to **US$50 million** in securities and an At-The-Market (ATM) program to sell up to **US$25 million** of common shares[38](index=38&type=chunk)[39](index=39&type=chunk) Stock Option Activity (Six months ended May 31, 2025) | | Number of options | Weighted average exercise price (CDN$) | | :--- | :--- | :--- | | Balance – beginning of the year | 13,630,234 | $1.77 | | Granted | 2,125,000 | $1.52 | | Exercised | (350,000) | $0.82 | | Expired | (3,390,000) | $2.75 | | **Balance – end of the period** | **12,015,234** | **$1.48** | [Management's Discussion and Analysis (MD&A)](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses increased net losses due to financing-related costs, while maintaining a sufficient cash position for the next year [Corporate and Project Activities](index=20&type=section&id=Corporate%20and%20project%20activities) Key activities include filing a US$50 million Base Shelf Prospectus and announcing positive results from the Bornite PEA - A Base Shelf Prospectus was made effective on April 14, 2025, allowing for the issuance of up to **US$50 million** in securities[72](index=72&type=chunk) - An At-The-Market (ATM) equity program was established to sell up to **US$25 million** in common shares for UKMP development and corporate purposes[73](index=73&type=chunk)[74](index=74&type=chunk) - The Bornite PEA shows a 17-year mine life with an after-tax **NPV8% of $394.0 million** and an **IRR of 20.0%**[75](index=75&type=chunk)[79](index=79&type=chunk) - The Ambler Metals JV approved a **$5.8 million** budget for 2025 activities, plus a supplemental **$0.6 million** for the Ambler Access Project[77](index=77&type=chunk)[78](index=78&type=chunk) [Summary of Results](index=23&type=section&id=Summary%20of%20results) Net loss increased in Q2 and the first six months, primarily due to higher professional and regulatory fees for new financing programs Comparison of Selected Expenses (in thousands of US dollars) | | Three months ended May 31 | Six months ended May 31 | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | Professional fees | $612 | $192 | $1,059 | $392 | | Share of loss on equity investment | $764 | $602 | $1,345 | $1,395 | | **Comprehensive loss** | **($2,177)** | **($1,759)** | **($5,800)** | **($5,360)** | - The increase in comprehensive loss was mainly driven by **higher regulatory and legal fees** for the Company's Base Shelf Prospectus and ATM Program[82](index=82&type=chunk)[83](index=83&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20capital%20resources) The company holds $24.6 million in cash, sufficient for the next 12 months, with access to further capital via established financing programs - The company has **$24.6 million in cash** and cash equivalents and working capital of **$23.8 million** as of May 31, 2025[85](index=85&type=chunk) - Management believes the current cash position is sufficient for the next 12 months, supported by the **US$50 million** Base Shelf Prospectus and **US$25 million** ATM Program[86](index=86&type=chunk)[87](index=87&type=chunk) - During the six-month period, the company used **$1.4 million** in operating activities, primarily for corporate salaries and professional fees[84](index=84&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable to the company for this reporting period - The company has stated that quantitative and qualitative disclosures about market risk are **not applicable**[97](index=97&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The CEO and CFO concluded that the Company's disclosure controls and procedures were **effective** as of May 31, 2025[98](index=98&type=chunk) - **No material changes** in internal controls over financial reporting occurred during the quarter[100](index=100&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any material current, pending, or threatened litigation - The company reports that it is **not a party to any material litigation** and is not aware of any pending or threatened litigation[102](index=102&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.Risk%20Factors) A new risk factor concerning U.S. international trade policies has been added since the last annual report - A new risk factor has been added regarding potential changes in **U.S. laws and policies on international trade**, which could adversely impact the company[104](index=104&type=chunk)[105](index=105&type=chunk) [Other Information](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The report confirms no unregistered sales of equity securities or new director and officer trading arrangements - There were **no unregistered sales of equity securities** or use of proceeds during the period[106](index=106&type=chunk) - **No director or officer** adopted or terminated any Rule 10b5-1 trading arrangement during the quarter[108](index=108&type=chunk)

Core Viewpoint - Trilogy Metals Inc. reported its financial results for the second quarter ended May 31, 2025, highlighting a net loss and ongoing corporate activities, including the establishment of a Base Shelf Prospectus and an ATM Program for future capital raising [1][5][12]. Financial Results - For the three-month period ended May 31, 2025, the company reported a net loss of $2.2 million, an increase from a net loss of $1.8 million for the same period in 2024, primarily due to higher regulatory expenses and legal fees [8][9]. - For the six-month period ended May 31, 2025, the net loss was $5.8 million, compared to $5.4 million for the same period in 2024, driven by increased regulatory expenses and legal fees [9]. Corporate Activities - The Annual General Meeting (AGM) was held on May 13, 2025, where all nominated directors were elected with over 94% of votes in favor [2]. - The company established a Base Shelf Prospectus allowing for the future issuance of up to $50 million in securities and an ATM Program for selling up to $25 million in common shares [3][4]. Liquidity and Capital Resources - As of May 31, 2025, the company had cash on hand of $24.6 million and working capital of $23.8 million, sufficient to fund its approved fiscal 2025 cash budget of $3.1 million [11][12]. - The company utilized $1.4 million for operating activities during the six-month period, mainly for corporate salaries and professional fees [10]. Shareholder Engagement - The shareholders voted in favor of continuing the company's Restricted Share Unit Plan and Deferred Share Unit Plan during the AGM [2]. Exploration and Development - Trilogy Metals holds a 50% interest in Ambler Metals LLC, which has a 100% interest in the Upper Kobuk Mineral Projects in Alaska, focusing on copper-dominant mineral exploration [15][16].

The U.S. Agents are not registered as investment dealers in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell Offered Shares on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Offered Shares in Canada. The Canadian Agent will only sell Offered Shares on marketplaces in Canada. VANCOUVER, BC, May 27, 2025 /PRNewswire/ - Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals", "T ...

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]