Core Viewpoint - Trilogy Metals Inc. has initiated an at-the-market equity program allowing the distribution of up to US$25 million in common shares to fund the development of its Upper Kobuk Mineral Projects and for general corporate purposes [2][3]. Group 1: Equity Distribution Agreement - The company has entered into a distribution agreement with BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation for the ATM program [1]. - The Offered Shares will be sold at the prevailing market price at the time of sale, with no obligation for the company to sell any shares [2][3]. - The agreement will terminate either on May 14, 2027, or when the total gross sales reach US$25 million [3]. Group 2: Agents and Marketplaces - The U.S. Agents are restricted to selling shares only in the United States and cannot solicit offers in Canada, while Canadian Agents will operate solely in Canada [4]. - The ATM program is being conducted under a prospectus supplement filed with Canadian and U.S. securities commissions [5]. Group 3: Company Overview - Trilogy Metals holds a 50% interest in Ambler Metals LLC, which owns the Upper Kobuk Mineral Projects in Alaska, known for its rich copper-dominant deposits [8][9]. - The company aims to develop the Ambler Mining District into a leading North American copper producer while respecting local communities [9].

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]

Core Points - Trilogy Metals Inc. has filed a final short form base shelf prospectus and a corresponding shelf registration statement allowing for the future issuance of up to US$50,000,000 in various securities [1][2] - The base shelf prospectus will be valid for a 25-month period in Canada, while the US shelf registration statement is effective for three years [1] - The intention behind these filings is to enable the company to access capital more quickly as market opportunities arise [2] Securities Offering - The securities covered by the base shelf prospectus will be offered solely through a prospectus and accompanying prospectus supplement [3] - Copies of the base shelf prospectus and shelf registration statement are available on SEDAR+ and EDGAR, and can also be obtained by contacting the company's Corporate Secretary [3]

[First Quarter Fiscal 2025 Financial Results and Corporate Update](index=1&type=section&id=First%20Quarter%20Fiscal%202025%20Financial%20Results%20and%20Corporate%20Update) [Q1 Fiscal 2025 Financial Performance](index=1&type=section&id=Q1%20Fiscal%202025%20Financial%20Performance) Trilogy Metals reported a net loss of $3.6 million for Q1 2025, consistent with the prior year, as total expenses decreased to $2.8 million | Selected Financial Data (in thousands USD) | Q1 2025 (ended Feb 28) | Q1 2024 (ended Feb 29) | | :--- | :--- | :--- | | General and administrative | $415 | $343 | | Professional fees | $200 | $447 | | Salaries | $191 | $207 | | Salaries and directors expense – stock-based compensation | $1,999 | $2,230 | | **Total expenses** | **$2,820** | **$3,232** | | Share of loss on equity investment | $793 | $581 | | **Comprehensive loss for the period** | **($3,601)** | **($3,623)** | | **Basic and diluted loss per common share** | **($0.02)** | **($0.02)** | - The net loss for Q1 2025 was **$3.6 million**, which is comparable to the net loss in Q1 2024[6](index=6&type=chunk) - Key changes include decreased professional fees and reduced share of losses from Ambler Metals LLC, offset by increased consulting and legal fees for the Bornite PEA and Base Shelf Prospectus filing[6](index=6&type=chunk) [Corporate and Project Activities](index=2&type=section&id=Corporate%20and%20Project%20Activities) The company announced positive Bornite PEA results, significant regulatory support for the Ambler Access Project, and set fiscal 2025 budgets [Bornite PEA](index=2&type=section&id=Bornite%20PEA) The Preliminary Economic Assessment for the Bornite copper project outlines a viable 6,000 tonne-per-day underground mining operation with a 17-year mine life - The Preliminary Economic Assessment (PEA) for the Bornite copper project outlines a viable **6,000 tonne-per-day** underground mining operation with a **17-year mine life**[7](index=7&type=chunk) | Bornite PEA Economic Highlights | Value | | :--- | :--- | | Mine Life Copper Production | 1.9 billion pounds | | Pre-tax NPV (8%) | $552.0 million | | Pre-tax IRR | 23.6% | | After-tax NPV (8%) | $394.0 million | | After-tax IRR | 20.0% | [Fiscal 2025 Budgets](index=2&type=section&id=Fiscal%202025%20Budgets) Trilogy Metals and Ambler Metals LLC approved fiscal year 2025 budgets of $3.1 million and $5.8 million respectively, with Q1 expenditures largely within targets - Trilogy Metals has a fiscal year 2025 cash budget of **$3.1 million**, with **$0.8 million** used in Q1 operating activities against a **$1.0 million** budget[8](index=8&type=chunk) - The Ambler Metals LLC joint venture approved a fiscal year 2025 budget of **$5.8 million**, expending **$1.2 million** in Q1, slightly over its **$1.0 million** budget[9](index=9&type=chunk) [Ambler Access Project Developments](index=2&type=section&id=Ambler%20Access%20Project%20Developments) Recent executive orders have reinstated and expedited the Ambler Road right-of-way permit process, aiming to increase American mineral production - On **January 20, 2025**, an executive order reinstated the **2020 approval** for the Ambler Road right-of-way permit, placing a moratorium on rejection-related activities[10](index=10&type=chunk)[11](index=11&type=chunk) - On **March 20, 2025**, a further executive order was signed to increase American mineral production by directing federal agencies to expedite project approvals[13](index=13&type=chunk) - The Department of Interior and Bureau of Land Management are expediting permitting and revoking public land withdrawals to advance the Ambler Road, actions commended by Alaskan political leaders[13](index=13&type=chunk)[14](index=14&type=chunk) [Liquidity and Capital Resources](index=3&type=section&id=Liquidity%20and%20Capital%20Resources) Trilogy Metals and Ambler Metals LLC maintain strong liquidity, with $25.2 million and $6.5 million in cash respectively, sufficient to fund fiscal 2025 budgets | Entity | Cash and Cash Equivalents (million USD) | Working Capital (million USD) | Fiscal 2025 Budget (million USD) | | :--- | :--- | :--- | :--- | | Trilogy Metals Inc. | $25.2 | $24.6 | $3.1 | | Ambler Metals LLC | $6.5 | $6.4 | $5.8 | - During Q1 2025, Trilogy expended **$0.7 million** on operating activities, primarily for professional fees related to the Bornite PEA, regulatory fees, and corporate salaries[15](index=15&type=chunk) [Company Overview and Disclosures](index=3&type=section&id=Company%20Overview%20and%20Disclosures) Trilogy Metals, a 50% owner of Ambler Metals LLC, controls the Upper Kobuk Mineral Projects in Alaska, a significant copper-dominant district, with technical disclosures reviewed by a Qualified Person - Trilogy Metals holds a **50% interest** in Ambler Metals LLC, a joint venture with South32, which owns **100%** of the Upper Kobuk Mineral Projects (UKMP) in northwestern Alaska[19](index=19&type=chunk) - The UKMP, located in the Ambler Mining District, hosts VMS deposits (copper, zinc, lead, gold, silver) and carbonate replacement deposits (high-grade copper, cobalt), with exploration focused on the Arctic and Bornite deposits[19](index=19&type=chunk)[20](index=20&type=chunk) - Richard Gosse, P.Geo., is the designated Qualified Person who reviewed and approved the technical disclosure in the news release[18](index=18&type=chunk) - The press release contains forward-looking statements regarding executive orders, project merits, and cash sufficiency, which are subject to various risks and uncertainties[22](index=22&type=chunk)

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].

Financial Results - For the first quarter ended February 28, 2025, the company reported a comprehensive loss of $3.6 million, consistent with the loss of $3.6 million for the same period in 2024 [3] - Total expenses for the quarter were $3.2 million, an increase from $2.8 million in the previous year, primarily due to higher professional fees [3] - Basic and diluted loss per common share remained at $(0.02) for both periods [3] Corporate and Project Activities - The company announced positive results from the Preliminary Economic Assessment (PEA) for the Bornite copper project, indicating a potential underground mining operation with a capacity of 6,000 tonnes per day and a mine life of 17 years [4] - The Bornite PEA estimates a pre-tax net present value (NPV) of $552 million and an internal rate of return (IRR) of 23.6% [5] - The company has a fiscal year 2025 cash budget of $3.1 million, with $0.8 million used in operating activities during the first quarter [5][6] Ambler Metals LLC - Ambler Metals LLC has a 2025 fiscal year budget of $5.8 million, with expenditures of $1.2 million in the first quarter for various operational costs [7] - The company is involved in the Ambler Mining District, which is known for its rich copper deposits and is supported by a joint venture with South32 [16] Regulatory Developments - Recent executive orders signed by President Trump aim to expedite resource development in Alaska, including the reinstatement of permits for the Ambler Road project [8][9] - The Department of Interior has initiated actions to facilitate the permitting process for mineral production projects, which is expected to benefit the Ambler Road project [10][11] Liquidity and Capital Resources - As of February 28, 2025, the company had $25.2 million in cash and cash equivalents, sufficient to fund its approved budget for the fiscal year [13] - Ambler Metals had $6.5 million in cash and equivalents, adequate to support its budget of $5.8 million for the year [14]

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].