U.S. stocks closed mixed on Monday, with the Nasdaq climbing 0.7% to 22,941.67 and the S&P 500 gaining 0.36% to 6,740.28. Meanwhile, the Dow Jones Industrial Average slipped 0.14% to 46,694.97.These are the top stocks that gained the attention of retail traders and investors through the day:Advanced Micro Devices, Inc. (NASDAQ:AMD)AMD shares soared by 23.71%, closing at $203.71. The stock reached an intraday high of $226.71 and a low of $203.01, with a 52-week range of $76.48 to $226.71. In the after-hours ...

此外，美国总统特朗普在周一的声明中表示，白宫正在推翻拜登政府时期拒绝"安布勒道路(Ambler Road)"项目的决定。这条全长211英里(340公里)的公路将连通偏远矿区与铜、钴、镓、锗等矿产储藏 区，为关键能源和采矿项目开辟通道。特朗普表示："这项目本该早已投入运营，为国家创造数十亿美 元收益，并供应大量能源、矿物及其他资源。" 美国内政部长Doug Burgum表示，安布勒道路将是一条砾石铺设的收费公路，并将充分考虑环境因素。 特朗普称该项目将包括两座桥梁的建设。在前总统拜登任内，内政部以影响驯鹿等野生动物为由阻止了 道路建设。特朗普的举措指示土地管理局、国家公园管理局和美国陆军工程兵团重新核发建设该道路所 需的一切许可。 智通财经APP获悉，美国政府宣布将收购加拿大矿产勘探公司Trilogy Metals(TMQ.US)10%的股份，作 为一项3560万美元投资计划的一部分，旨在保障阿拉斯加州的关键能源与采矿项目。受此消息提振，截 止发稿，Trilogy Metals周一美股盘后暴涨超215%。 据悉，Trilogy Metals在美国阿拉斯加偏远地区拥有采矿权，其中包括与South32有限公司的合资 ...

Core Points - Trilogy Metals Inc. announced that President Trump granted permits for the Ambler Access Project, reversing a previous decision by the Biden Administration [2][3] - The Ambler Road is a proposed 211-mile industrial-use road aimed at facilitating mining activities in the Ambler Mining District, which contains rich copper-dominant polymetallic deposits [4][5] - The project is expected to provide long-term economic benefits to local communities while adhering to environmental protections [6][7] Company Overview - Trilogy Metals holds a 50% interest in Ambler Metals LLC, which owns the Upper Kobuk Mineral Projects in northwestern Alaska, known for its high-grade copper and cobalt mineralization [10] - The company aims to develop the Ambler Mining District into a leading North American copper producer while respecting local subsistence livelihoods [10] Project Significance - The Ambler Road is considered critical infrastructure for securing domestic supply chains for essential minerals like copper, cobalt, zinc, and lead, which are vital for energy and defense sectors [5][9] - The project has garnered support from federal agencies and local authorities, highlighting a commitment to responsible resource development in Alaska [7][9]

Trump's Industrial Policy juggernaut continues.Moments after the close when we saw some abnormal moves in the stock of yet another North American small cap stock focused on mining strategic minerals, we quickly skimmed through Trilogy Metals' just released presentation and told readers that yet another "Uncle Sam bear hug" deal was in the works, pointing out the company's disclosure of DOD funding to develop a cobalt supply chain. Trilogy Metals (TMQ) soars after microcap miner ($343MM market cap) reveals D ...

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. The DOW intends to pay approximately $17.8 million to South32 in exchange for 8,215,570 co ...

(Reuters) -The Trump administration is ramping up efforts to secure U.S. supply chains for critical minerals and semiconductors by converting federal grants to companies into equity stakes, aimed at reducing reliance on China. The administration has taken or discussed stakes in several companies as part of the shift to direct ownership from traditional subsidies. The most recent deal to be done by President Trump concerns a 10% stake in Canadian minerals explorer Trilogy Metals Inc. (TMQ, TMQ.TO) as part ...

[Company Overview & Report Details](index=1&type=section&id=Company%20Overview%20%26%20Report%20Details) Trilogy Metals Inc. announced its Q3 FY2025 financial results, available on company platforms and regulatory filings [Report Announcement](index=1&type=section&id=Report%20Announcement) Trilogy Metals Inc. announced its Q3 FY2025 financial results, with details available on the company website, SEDAR+, and EDGAR - Trilogy Metals Inc. (NYSE American / TSX: TMQ) announced its **third fiscal quarter financial results** for the period ended **August 31, 2025**[3](index=3&type=chunk) - Detailed financial results are available on the company's website (www.trilogymetals.com), SEDAR+ (www.sedarplus.ca), and EDGAR (www.sec.gov)[3](index=3&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) This section details the company's net losses for Q3 and the first nine months of FY2025, highlighting increased expenses [Selected Financial Results](index=1&type=section&id=Selected%20Financial%20Results) The company reported increased net losses for Q3 and the first nine months of FY2025, driven by Ambler Metals LLC activities and higher regulatory costs Selected Expenses (USD thousands) | Selected expenses | Three months ended August 31, 2025 (USD) | Three months ended August 31, 2024 (USD) | Nine months ended August 31, 2025 (USD) | Nine months ended August 31, 2024 (USD) | | :------------------------ | :------------------------------------- | :------------------------------------- | :------------------------------------ | :------------------------------------ | | General and administrative | 214 | 293 | 910 | 1,027 | | Investor relations | 38 | 15 | 72 | 46 | | Professional fees | 246 | 138 | 1,305 | 530 | | Salaries | 251 | 158 | 774 | 527 | | Salaries and directors expense – stock based compensation | 374 | 506 | 2,971 | 3,014 | | Share of loss on equity investment | 891 | 624 | 2,236 | 2,019 | | Comprehensive loss for the period | (1,747) | (1,591) | (7,547) | (6,951) | - Net loss for **Q3 2025** was **$1.7 million**, compared to **$1.6 million** in Q3 2024, primarily due to increased field activities by Ambler Metals LLC (environmental baseline work and core re-boxing program)[5](index=5&type=chunk) - Net loss for the **first nine months of 2025** was **$7.5 million**, up from **$7.0 million** in the same period of 2024, driven by higher regulatory and legal fees related to the base shelf prospectus and ATM Program, and Ambler Metals' environmental baseline and core re-boxing programs, partially offset by lower office expenses and increased interest income[6](index=6&type=chunk) [Operational Activities](index=1&type=section&id=Operational%20Activities) This section details Ambler Metals LLC's successful completion of summer field programs and the initiation of a core re-boxing plan [Project Update: Ambler Metals LLC](index=1&type=section&id=Project%20Update%3A%20Ambler%20Metals%20LLC) Ambler Metals LLC completed summer maintenance and environmental baseline programs, initiated a core re-boxing plan, and maintained a **$3.7 million** cash position - In **July 2025**, Ambler Metals completed its summer maintenance field program at the Bornite camp and conducted an environmental baseline program to support future mining permit applications[7](index=7&type=chunk)[8](index=8&type=chunk) - Ambler Metals initiated a **multi-year core re-boxing program** to ensure the long-term preservation of stored drill core[8](index=8&type=chunk) Ambler Metals LLC Financial Position | Metric | Amount (million USD) | | :------------------- | :-------------- | | Cash position at Q3 end | 3.7 | | Annual expenditure level (near budget) | 4.5 | [Liquidity and Capital Resources](index=2&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong cash position and has established financing mechanisms to ensure future liquidity and operational funding [Cash Position and Future Funding](index=2&type=section&id=Cash%20Position%20and%20Future%20Funding) The company holds **$23.4 million** in cash and working capital, sufficient for 12 months, with **$50 million** and **$25 million** financing options available - As of **August 31, 2025**, the company held **$23.4 million** in cash and cash equivalents and **$23.4 million** in working capital[10](index=10&type=chunk) - The company believes its current cash position is sufficient to meet working capital requirements for the **next 12 months**[12](index=12&type=chunk) - To ensure future liquidity, the company has an effective base shelf prospectus allowing for future issuance of up to **$50 million** in securities and an ATM Program for up to **$25 million** in common shares, which remained undrawn as of **October 2, 2025**[11](index=11&type=chunk) [Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides details on the company's qualified persons, its business focus, and key contact information [Qualified Persons](index=2&type=section&id=Qualified%20Persons) Richard Gosse, VP of Exploration for Trilogy Metals Inc., is the qualified person responsible for reviewing and approving technical information - Richard Gosse (P.Geo.), Vice President of Exploration for Trilogy Metals Inc., is a **Qualified Person** as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information in this news release[13](index=13&type=chunk) [About Trilogy Metals](index=2&type=section&id=About%20Trilogy%20Metals) Trilogy Metals Inc. is a metal exploration and development company holding a **50%** interest in Ambler Metals LLC, focusing on the Upper Kobuk Mineral Project - Trilogy Metals Inc. is a metal exploration and development company holding a **50% interest** in Ambler Metals LLC, which owns **100%** of the Upper Kobuk Mineral Project (UKMP) in Northwest Alaska[14](index=14&type=chunk) - The UKMP is located in the Ambler Mining District, one of the world's richest and most prospective copper-dominant districts, featuring world-class polymetallic volcanogenic massive sulphide (VMS) and carbonate replacement deposits[14](index=14&type=chunk)[15](index=15&type=chunk) - Trilogy's vision is to develop the Ambler Mining District into a **major North American copper producer** while protecting and respecting local livelihoods[15](index=15&type=chunk) [Company Contacts](index=3&type=section&id=Company%20Contacts) Contact information for President & CEO Tony Giardini and VP & CFO Elaine Sanders is provided - Contacts include President & CEO **Tony Giardini** and VP & CFO **Elaine Sanders**, reachable at **604-638-8088**[16](index=16&type=chunk) [Legal Disclosures](index=3&type=section&id=Legal%20Disclosures) This section provides cautionary notes regarding forward-looking statements, highlighting inherent risks and the company's limited obligation to update them [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This news release contains forward-looking statements about the ATM Program, asset values, and future cash sufficiency, subject to risks and uncertainties - This news release contains **'forward-looking information'** and **'forward-looking statements'** concerning the ATM Program, perceived value of assets, cash sufficiency for the next twelve months, and plans and timing for further updates[17](index=17&type=chunk) - Forward-looking statements involve various risks and uncertainties, and there can be **no assurance** that such statements will prove accurate, as actual results and future events could differ materially from those anticipated[17](index=17&type=chunk) - The company undertakes **no obligation** to update forward-looking statements or beliefs, opinions, projections, or other factors, except as required by law[17](index=17&type=chunk)

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section presents Trilogy Metals Inc.'s unaudited condensed interim consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed interim consolidated financial statements for Trilogy Metals Inc., including the balance sheets, statements of loss and comprehensive loss, statements of changes in shareholders' equity, and statements of cash flows, along with their accompanying notes. These statements provide a snapshot of the company's financial position, performance, and cash flows for the period ended August 31, 2025 [Condensed Interim Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's assets, liabilities, and shareholders' equity at specific dates Metric Summary | Metric | August 31, 2025 ($ thousands) | November 30, 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :-------------------------------- | :------------------------------ | :------------------------------ | :------------------- | :--------- | | **Assets** | | | | | | Total current assets | 23,733 | 26,045 | (2,312) | -8.88% | | Investment in Ambler Metals LLC | 105,261 | 107,497 | (2,236) | -2.08% | | Total assets | 129,120 | 133,697 | (4,577) | -3.42% | | **Liabilities** | | | | | | Total current liabilities | 373 | 793 | (420) | -53.00% | | Total liabilities | 455 | 903 | (448) | -49.61% | | **Shareholders' Equity** | | | | | | Total shareholders' equity | 128,665 | 132,794 | (4,129) | -3.11% | [Condensed Interim Consolidated Statements of Loss and Comprehensive Loss](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) This statement details the company's revenues, expenses, and net loss over specific reporting periods Metric Summary | Metric | Three months ended Aug 31, 2025 ($ thousands) | Three months ended Aug 31, 2024 ($ thousands) | Nine months ended Aug 31, 2025 ($ thousands) | Nine months ended Aug 31, 2024 ($ thousands) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | :----------------------------------- | :----------------------------------- | | Total expenses | 1,165 | 1,141 | 6,063 | 5,179 | | Interest income and other income | (311) | (152) | (741) | (200) | | Share of loss on equity investment | 891 | 624 | 2,236 | 2,019 | | Loss and comprehensive loss for the period | (1,747) | (1,591) | (7,547) | (6,951) | | Basic loss per common share | (0.01) | (0.01) | (0.05) | (0.04) | - The company reported an increased net loss for both the three-month period (**$1.7 million** vs **$1.6 million** YoY) and the nine-month period (**$7.5 million** vs **$7.0 million** YoY) ended August 31, 2025[11](index=11&type=chunk) [Condensed Interim Consolidated Statements of Changes in Shareholders' Equity](index=6&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) This statement outlines changes in the company's equity components, including share capital and deficit, over time Metric Summary | Metric | August 31, 2025 ($ thousands) | November 30, 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :-------------------------------- | :------------------------------ | :------------------------------ | :------------------- | :--------- | | Share capital | 192,898 | 190,503 | 2,395 | 1.26% | | Contributed surplus – options | 29,712 | 28,801 | 911 | 3.16% | | Contributed surplus – units | 3,884 | 3,772 | 112 | 2.97% | | Deficit | (97,947) | (90,400) | (7,547) | 8.35% | | Total shareholders' equity | 128,665 | 132,794 | (4,129) | -3.11% | - The deficit increased by **$7.5 million** from November 30, 2024, to August 31, 2025, reflecting the loss for the period[13](index=13&type=chunk) [Condensed Interim Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes the cash inflows and outflows from operating, investing, and financing activities Cash Flow Activity Summary | Cash Flow Activity | Nine months ended Aug 31, 2025 ($ thousands) | Nine months ended Aug 31, 2024 ($ thousands) | Change ($ thousands) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :------------------- | | Cash flows used in operating activities | (2,690) | (1,854) | (836) | | Cash flows from financing activities | 224 | — | 224 | | Cash flows from investing activities | — | 25,000 | (25,000) | | Change in cash | (2,466) | 23,146 | (25,612) | | Cash – end of the period | 23,372 | 25,738 | (2,366) | - The company experienced a significant decrease in cash from investing activities, primarily due to a **$25 million** return of capital from Ambler Metals LLC in the prior year period that did not recur in the current period[15](index=15&type=chunk) [Notes to the Condensed Interim Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section provides detailed explanations and supplementary information for the condensed interim consolidated financial statements, covering the company's operations, accounting policies, investment in Ambler Metals LLC, lease arrangements, share capital, and other financial commitments and events [Note 1) Nature of operations](index=9&type=section&id=Note%201)%20Nature%20of%20operations) This note describes Trilogy Metals Inc.'s primary business activities, focusing on mineral exploration and development through its joint venture - Trilogy Metals Inc. is engaged in the exploration and development of mineral properties, primarily through its 50/50 joint venture, Ambler Metals LLC, focusing on the Upper Kobuk Mineral Projects (UKMP) in Northwest Alaska, US, including the Arctic and Bornite Projects[16](index=16&type=chunk) [Note 2) Summary of significant accounting policies](index=9&type=section&id=Note%202)%20Summary%20of%20significant%20accounting%20policies) This note outlines the key accounting principles and estimates used in preparing the financial statements - The financial statements are prepared using U.S. GAAP and include Trilogy and its wholly-owned subsidiaries, with intercompany transactions eliminated. The equity method is used for variable interest entities where Trilogy is not the primary beneficiary, such as Ambler Metals LLC[17](index=17&type=chunk) - Management makes significant estimates for income taxes and stock-based compensation, and assesses impairment of its equity investment in Ambler Metals LLC based on recoverability and changes in development plans[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - The company is evaluating the impact of new FASB ASUs on reportable segment disclosures (ASU 2023-07, effective FY2025) and income tax disclosures (ASU 2023-09, effective FY2026)[25](index=25&type=chunk)[26](index=26&type=chunk) [Note 3) Investment in Ambler Metals LLC](index=11&type=section&id=Note%203)%20Investment%20in%20Ambler%20Metals%20LLC) This note details Trilogy Metals Inc.'s equity method investment in its 50/50 joint venture, Ambler Metals LLC - Trilogy Metals formed a 50/50 joint venture, Ambler Metals LLC, with South32 Limited on February 11, 2020, contributing its UKMP assets while South32 contributed **$145.0 million** cash[27](index=27&type=chunk) - Trilogy uses the equity method for its investment in Ambler Metals, as it has significant influence but is not the primary beneficiary. Its maximum exposure to loss is limited to the carrying amount of its investment[28](index=28&type=chunk) Metric Summary | Metric | August 31, 2025 ($ thousands) | November 30, 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :-------------------------------- | :------------------------------ | :------------------------------ | :------------------- | :--------- | | Investment in Ambler Metals LLC | 105,261 | 107,497 | (2,236) | -2.08% | | Share of loss on equity investment (9-month period) | (2,236) | (2,019) | (217) | 10.75% | Ambler Metals LLC Balances (100% basis) Summary | Ambler Metals LLC Balances (100% basis) | August 31, 2025 ($ thousands) | | :-------------------------------------- | :---------------------------- | | Cash and cash equivalents | 3,749 | | Mineral properties | 30,899 | | Total assets | 35,414 | | Total liabilities | 685 | | Members' equity | 34,729 | Ambler Metals LLC Loss (100% basis) Summary | Ambler Metals LLC Loss (100% basis) | Nine months ended Aug 31, 2025 ($ thousands) | | :---------------------------------- | :------------------------------------------- | | Corporate salaries and wages | 209 | | General and administrative | 379 | | Mineral property expense - exclude Ambler Access Project | 2,126 | | Professional fees | 1,124 | | Ambler Access Project | 710 | | Depreciation | 88 | | Foreign exchange (gain)/loss | 1 | | Interest and other income | (166) | | Comprehensive loss | 4,471 | - Trilogy charged Ambler Metals **$102,250** for administrative and accounting services during the nine-month period ended August 31, 2025, an increase from **$47,000** in the prior year[37](index=37&type=chunk) [Note 4) Accounts payable and accrued liabilities](index=13&type=section&id=Note%204)%20Accounts%20payable%20and%20accrued%20liabilities) This note provides a breakdown of the company's short-term financial obligations to vendors and for accrued expenses Metric Summary | Metric | August 31, 2025 ($ thousands) | November 30, 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :-------------------------------- | :------------------------------ | :------------------------------ | :------------------- | :--------- | | Trade accounts payable | 141 | 196 | (55) | -28.06% | | Accrued liabilities | 112 | 62 | 50 | 80.65% | | Accrued salaries and vacation | 80 | 498 | (418) | -83.94% | | Total accounts payable and accrued liabilities | 333 | 756 | (423) | -55.95% | [Note 5) Leases](index=13&type=section&id=Note%205)%20Leases) This note describes the company's lease arrangements, including right-of-use assets and lease liabilities Lease Metric Summary | Lease Metric | August 31, 2025 ($ thousands) | November 30, 2024 ($ thousands) | | :-------------------------------- | :------------------------------ | :------------------------------ | | Right-of-use asset | 126 | 155 | | Current portion of lease liability | 40 | 37 | | Long-term portion of lease liability | 82 | 110 | | Total lease liability | 122 | 147 | - The company entered a new four-year operating lease for its corporate office on July 1, 2024, expiring in June 2028, with current monthly payments of approximately **CDN$9,500**[40](index=40&type=chunk) Lease Expense Summary | Lease Expense | Nine months ended Aug 31, 2025 ($ thousands) | Nine months ended Aug 31, 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :------------------- | :--------- | | Operating lease costs | 38 | 122 | (84) | -68.85% | | Variable lease costs | 13 | 103 | (90) | -87.38% | | Total lease expense | 51 | 225 | (174) | -77.33% | [Note 6) Share capital](index=14&type=section&id=Note%206)%20Share%20capital) This note details the company's share capital activities, including common shares, stock options, and unit plans Share Capital Activity Summary | Share Capital Activity | Number of shares (thousands) | Value ($ thousands) | | :-------------------------------- | :--------------------------- | :------------------ | | Balance – November 30, 2024 | 161,085 | 190,503 | | Exercise of options | 400 | 337 | | Shares issued from Restricted Share Units | 2,768 | 2,008 | | Services settled by common shares | 38 | 50 | | Balance – August 31, 2025 | 164,291 | 192,898 | - The company has an effective Base Shelf Prospectus allowing for future issuance of up to **$50 million** in securities and established an At-The-Market (ATM) equity program to sell up to **$25 million** of common shares, neither of which has been utilized as of August 31, 2025[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) Stock Option Activity (9-month period) Summary | Stock Option Activity (9-month period) | Number of options | Weighted average exercise price (CDN$) | | :------------------------------------- | :---------------- | :------------------------------------- | | Balance – beginning of the year | 13,630,234 | 1.77 | | Granted | 2,125,000 | 1.52 | | Exercised | (400,000) | 0.79 | | Expired | (3,640,000) | 2.75 | | Balance – end of the period | 11,715,234 | 1.45 | - For the nine-month period ended August 31, 2025, Trilogy recognized a stock-based compensation charge of **$1.0 million** for stock options and **$2.0 million** for RSUs and DSUs[45](index=45&type=chunk)[53](index=53&type=chunk) Unit Plan Activity (9-month period) Summary | Unit Plan Activity (9-month period) | Number of RSUs | Number of DSUs | Number of Fixed DSUs | | :---------------------------------- | :------------- | :------------- | :------------------- | | Balance – beginning of the year | 2,793,339 | 3,133,412 | — | | Granted | 1,811,096 | 72,943 | 304,605 | | Settled in common shares | (2,806,097) | — | — | | Balance – end of the period | 1,798,338 | 3,206,355 | 304,605 | [Note 7) Fair value accounting](index=17&type=section&id=Note%207)%20Fair%20value%20accounting) This note explains the fair value measurement of the company's financial instruments - The fair value of the company's financial instruments (cash, receivables, payables) approximates their carrying value due to their short-term nature[55](index=55&type=chunk)[56](index=56&type=chunk) [Note 8) Commitment](index=18&type=section&id=Note%208)%20Commitment) This note outlines the company's significant contractual obligations and future financial commitments - The company has commitments related to its office lease, with future minimum lease payments detailed in Note 5(b)[57](index=57&type=chunk) [Note 9) Supplemental cash flow information](index=18&type=section&id=Note%209)%20Supplemental%20cash%20flow%20information) This note provides additional details on specific non-cash transactions and other cash flow items Metric Summary | Metric | Nine months ended Aug 31, 2025 ($ thousands) | Nine months ended Aug 31, 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :------------------- | :--------- | | Interest received | 741 | 200 | 541 | 270.50% | [Note 10) Subsequent events](index=18&type=section&id=Note%2010)%20Subsequent%20events) This note discloses significant events that occurred after the reporting period but before the financial statements were issued - On September 2, 2025, the Board of Directors were granted **49,343** DSUs in settlement of approximately **$82,000** of director fees[59](index=59&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Trilogy Metals Inc.'s financial condition and operational results for the quarter ended August 31, 2025, discussing key financial metrics, corporate activities, liquidity, and critical accounting estimates, alongside cautionary notes regarding forward-looking statements and associated risks [Cautionary Notes and Forward-Looking Statements](index=19&type=section&id=Cautionary%20notes) This section highlights the inherent risks and uncertainties associated with forward-looking statements in the report - The MD&A contains forward-looking statements regarding work programs, budgets, funding, mineral estimates, timelines, and market prices, which are based on management's beliefs and expectations but are subject to significant risks and uncertainties[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - Key risks include the ability to achieve production, financing development, obtaining permits for the Ambler Access Project, commodity price fluctuations, and regulatory changes[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [General Information and Business Description](index=24&type=section&id=General) This section provides an overview of Trilogy Metals Inc.'s business, including its focus on mineral exploration and stock listings - Trilogy Metals Inc. is a base metals exploration company focused on the Ambler mining district in Alaska, USA, operating through its 50/50 joint venture, Ambler Metals LLC, which includes the Arctic and Bornite Projects[76](index=76&type=chunk) - The company's shares are listed on the TSX and NYSE American under the symbol "TMQ"[75](index=75&type=chunk) [Corporate and Project Activities](index=25&type=section&id=Corporate%20and%20project%20activities) This section details the company's recent corporate initiatives and project-related expenditures - Trilogy filed a Base Shelf Prospectus allowing for the future issuance of up to **$50 million** in securities and established an At-The-Market (ATM) equity program to sell up to **$25 million** of common shares, with anticipated proceeds for UKMP development and general corporate purposes. Neither program has been utilized as of August 31, 2025[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) Budget Category Summary | Budget Category | 2025 Fiscal Year Budget ($ millions) | 9-month period ended Aug 31, 2025 Actual Spend ($ millions) | Variance ($ millions) | | :-------------------------------- | :----------------------------------- | :---------------------------------------------------------- | :-------------------- | | Trilogy Corporate Budget | 3.1 | 3.1 | 0.0 | | Ambler Metals LLC Initial Budget | 5.8 | 3.8 | (2.0) | | Ambler Access Project Supplemental Budget | 0.8 | 0.7 | (0.1) | - Ambler Metals LLC's expenditures for the nine-month period were **$0.2 million** under budget, mainly due to delayed hiring and lower general administrative expenses[81](index=81&type=chunk) [Summary of Results](index=26&type=section&id=Summary%20of%20results) This section provides a concise overview of the company's financial performance for the reporting periods Metric Summary | Metric | Three months ended Aug 31, 2025 ($ thousands) | Three months ended Aug 31, 2024 ($ thousands) | Nine months ended Aug 31, 2025 ($ thousands) | Nine months ended Aug 31, 2024 ($ thousands) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | :----------------------------------- | :----------------------------------- | | Comprehensive loss for the period | (1,747) | (1,591) | (7,547) | (6,951) | | Basic and diluted loss per common share | (0.01) | (0.01) | (0.05) | (0.04) | - The increase in comprehensive loss for the three-month period was primarily due to Ambler Metals' site activities for environmental baseline work and a core re-boxing program[85](index=85&type=chunk) - The increase in net loss for the nine-month period was driven by higher regulatory expenses and legal fees related to the Base Shelf Prospectus and ATM Program, and increased share of losses from Ambler Metals, partially offset by lower office expenses and higher interest income[86](index=86&type=chunk)[87](index=87&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20capital%20resources) This section discusses the company's cash position, working capital, and ability to meet its short-term and long-term financial obligations Metric Summary | Metric | August 31, 2025 ($ millions) | | :-------------------------------- | :--------------------------- | | Cash and cash equivalents | 23.4 | | Working capital | 23.4 | - The company used **$2.7 million** in operating activities during the nine-month period, primarily for corporate salaries, professional fees, and regulatory costs related to the Base Shelf Prospectus and ATM Program[88](index=88&type=chunk) - Management believes current cash is sufficient for the next 12 months, but additional funds may be needed beyond that to support operations and contributions to Ambler Metals[91](index=91&type=chunk) [Outstanding Share Data](index=28&type=section&id=Outstanding%20share%20data) This section provides a summary of the company's issued and outstanding equity securities Security Type Summary | Security Type | As of September 30, 2025 | | :-------------------------------- | :----------------------- | | Common shares issued and outstanding | 164,311,410 | | Stock options outstanding | 11,695,234 | | DSUs outstanding | 3,206,355 | | Fixed DSUs outstanding | 353,948 | | RSUs outstanding | 1,798,338 | | NovaGold DSUs | 5,144 | | Total common shares upon exercise of convertible securities | 17,054,734 | [New Accounting Pronouncements](index=28&type=section&id=New%20accounting%20pronouncements) This section outlines the impact of recently issued accounting standards on the company's financial reporting - The company is evaluating the impact of ASU 2023-07 (Segment Reporting) effective for FY2025 and ASU 2023-09 (Income Tax Disclosures) effective for FY2026[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) [Critical Accounting Estimates](index=29&type=section&id=Critical%20accounting%20estimates) This section describes the accounting estimates that require significant management judgment and can materially affect financial results - Critical accounting estimates include the recoverability of the equity method investment in Ambler Metals, income taxes, and the valuation of stock-based compensation, all requiring significant management judgment[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section states that there are no applicable quantitative and qualitative disclosures about market risk for the company - The company has no applicable quantitative and qualitative disclosures about market risk[103](index=103&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of August 31, 2025, and reported no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of August 31, 2025[104](index=104&type=chunk) - There were no material changes in internal controls over financial reporting during the fiscal quarter ended August 31, 2025[106](index=106&type=chunk) [PART II - OTHER INFORMATION](index=31&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any material current, pending, or threatened litigation, beyond routine proceedings that are part of its ordinary course of business - The company is not aware of any material current, pending, or threatened litigation[109](index=109&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.Risk%20Factors) This section refers to the risk factors outlined in the company's Form 10-K, with an additional emphasis on the potential adverse impact of changes in U.S. laws and policies regulating international trade, such as tariffs, on revenues, costs, and mineral resource estimates - No material changes to risk factors from the Form 10-K, except for the addition of risks related to changes in U.S. laws and policies regulating international trade[110](index=110&type=chunk)[111](index=111&type=chunk) - Potential impacts of trade policy changes include increases or decreases in revenues due to metal prices, increased costs, and uncertainty over mineral resources and reserve estimates[112](index=112&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - No unregistered sales of equity securities or use of proceeds were reported[113](index=113&type=chunk) [Item 3. Defaults Upon Senior Securities](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - No defaults upon senior securities were reported[114](index=114&type=chunk) [Item 4. Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to Trilogy Metals Inc - Mine safety disclosures are not applicable to the company[115](index=115&type=chunk) [Item 5. Other Information](index=31&type=section&id=Item%205.%20Other%20Information) This section confirms that no director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended August 31, 2025[117](index=117&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate documents, certifications from the CEO and CFO, and interactive data files in XBRL format - The report includes various exhibits such as corporate organizational documents, CEO and CFO certifications (Rule 13a-14(a) and 18 U.S.C. Section 1350), and Interactive Data Files in XBRL format[118](index=118&type=chunk)

Core Viewpoint - Trilogy Metals Inc. reported its financial results for the third quarter ended August 31, 2025, highlighting a net loss of $1.7 million, an increase from the $1.6 million loss in the same quarter of 2024, primarily due to increased site activities related to its joint venture with South32 [1][3][4]. Financial Performance - For the three-month period ended August 31, 2025, the company incurred a comprehensive loss of $1.7 million compared to a loss of $1.6 million in the same period of 2024 [3]. - For the nine-month period ended August 31, 2025, the net loss was $7.5 million, up from $7.0 million in the same period of 2024, driven by higher regulatory expenses and legal fees [4]. - General and administrative expenses decreased from $293,000 in Q3 2024 to $214,000 in Q3 2025, while professional fees increased significantly from $138,000 to $246,000 in the same period [3]. Project Update - Ambler Metals completed a summer maintenance field program at the Bornite camp site, including an environmental baseline program to support mine permitting applications [5]. - The cash position of Ambler Metals at the end of the third fiscal quarter was approximately $3.7 million, with expenditures tracking close to the budget of $4.5 million for the year [5]. Liquidity and Capital Resources - As of August 31, 2025, the company had cash and cash equivalents of $23.4 million, sufficient to fund its initial fiscal 2025 budget of $3.1 million [8]. - The company has an effective base shelf prospectus allowing for the future issuance of up to $50 million in securities and an ATM Program for selling common shares up to $25 million [9]. Future Outlook - The company believes its current cash position is adequate to meet working capital requirements for the next 12 months, but future cash needs may vary significantly [10].

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