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Trilogy Metals Announces Commencement of Permitting for High-Grade Arctic Copper-Zinc-Lead-Gold-Silver Project in AlaskaApril 21, 2026 5:00 PM
PR Newswire (US)

Fully Funded Exploration and Development Field Program by Ambler Metals Anticipated to Commence in MayIndependent Economic Impact Study Highlights Arctic's Substantial Benefits to Alaska and the Northwest Arctic RegionAll amounts are in United States dollars unless otherwise stated.VANCOUVER, BC, April 21, 2026 /PRNewswire/ - Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) ("Trilogy Metals", "Trilogy" or the "Company") announced today that Ambler Metals LLC ("Ambler Metals"), its 50/50 joint venture with South32 Limited ("South32"), has commenced the permitting process for the Arctic Project (the "Arctic Project" or "Arctic"), part of the Upper Kobuk Mineral Projects ("UKMP") in northwestern Alaska's Ambler Mining District. Arctic is one of the highest-grade, undeveloped open-pittable copper deposits in the world, with an estimated average grade of approximately 5% copper equivalent1,2, bolstered by material precious metals by-product credits.Ambler Metals has submitted an application for a Clean Water Act Section 404 permit with the U.S. Army Corps of Engineers ("USACE"), thereby initiating federal permitting for mine development and operations at Arctic. In addition to this application submission, Ambler Metals plans to request an eligibility review for coverage under the Title 41 of the Fixing America's Surface Transportation Act program ("FAST-41"), administered by the Federal Permitting Improvement Steering Council. FAST-41 coverage would provide a comprehensive, integrated permitting timetable and bring greater transparency to the project through the federal Permitting Dashboard.Tony Giardini, President and CEO of Trilogy, commented: "Requiring a Section 404 permit from the USACE under the Clean Water Act streamlines the Arctic Project's federal permitting pathway. All other significant permits are issued at the state and local levels, concentrating federal review into a single, well-defined process while maintaining rigorous environmental oversight."By potentially leveraging the FAST-41 program, the Arctic Project benefits from a level of inter-agency coordination and timeline accountability that was historically unavailable to large-scale resource developments. This process transforms often fragmented federal reviews into a synchronized, transparent schedule, providing our stakeholders with a clear window into the permitting roadmap. For Trilogy, FAST-41 coverage means that achieving regulatory milestones is supported by a predictable and transparent path toward project financing and construction."An independent economic impact analysis prepared by McKinley Research Group ("MRG")3 confirms what we have long believed – the Arctic Project is a generational economic opportunity for Alaska and particularly for Northwest Arctic communities. The study estimates that Arctic mine construction and operations will support up to 870 jobs statewide, generate more than $31 million in annual state taxes and fees, and deliver meaningful revenue to NANA Regional Corporation through royalties and preferential shareholder employment. Perhaps most importantly, the Ambler Access Project road has the potential to reduce transportation costs for remote Alaska Native villages by up to $3.4 million per year, cutting heating fuel transportation costs by as much as 70% and reducing the cost of building a home in the Upper Kobuk region by nearly 40%. These are tangible, life-changing benefits for communities that face some of the highest costs of living in the United States."We are also excited to kick off the 2026 summer field season next month to conduct geotechnical and exploration drilling, along with general camp maintenance and capital improvements to support future programs. This field season is particularly important as it will allow Ambler Metals to carry out engineering, environmental, and technical work required to support a final investment decision to advance this critical minerals asset toward production."It's important to note that Arctic is just the first phase for this multi-generational American mining district. There are currently 30 known volcanogenic massive sulfide ("VMS") occurrences across this highly prospective and under-explored mineral belt. Arctic's strong cash-flow potential at spot metal prices will be the key to unlocking the district, and we fully expect exploration and development efforts to ramp up in the coming years across the UKMP, including at the high-grade Bornite copper-cobalt project ("Bornite"). The future looks extremely promising for one of the most strategic and mineral-rich districts in the United States."Fully Financed Ambler Metals Field Program to Commence in May; Expected to Advance Arctic Towards Construction Decision and Prepare for Accelerated District-Wide Exploration in 2027Ambler Metals is finalizing plans for the 2026 field season, and camp and drill mobilization by the end of May. The fully financed field campaign, part of Ambler Metals' $35-million 2026 budget, is expected to include 40 to 45 drill holes aimed at advancing final engineering plans for Arctic mine development. The program will also focus on re-establishing the exploration camp at the Bornite deposit, with the intention of ramping up exploration and development activities at the site in 2027, as well as commencing district-wide drill target assessments that will underpin future regional exploration programs across the mineral belt.The drill campaign at Arctic is targeting at least 5,650 meters, with a focus on geotechnical and hydrogeological sites to underpin mine design and support permitting. Some of these drill holes will be extended to test deeper exploration targets that are located along the favourable Arctic mineral horizon. These exploration targets are within 3 to 4 kilometers (2 to 2.5 miles) of the Arctic deposit and include airborne electromagnetic (VTEM and ZTEM) anomalies that are potentially related to VMS mineralization. Field work at the Bornite camp will mainly focus on preparing the site for accelerated exploration and development activities in the coming years. Bornite is a carbonate-hosted copper-cobalt deposit approximately 25 kilometers (15 miles) southwest of the Arctic Project (see Figure 1), which is forecasted to produce 1.9 billion pounds of copper over a 17-year mine life4,5 and has the potential to extend copper mining activities to over 30 years. Bornite has characteristics similar to a series of districts and deposits, including the Mount Isa district in Australia, the Tynagh deposit in Ireland, the Kipushi deposit in the Democratic Republic of the Congo, and the Tsumeb deposit in Namibia.Finally, the field program will include regional exploration work to advance known mineral occurrences and targets along the broader UKMP, with the intention of preparing targets for potential drilling in 2027. The mineral belt hosts numerous historic VMS mineral occurrences and electromagnetic anomalies that demonstrate high prospectivity for future discovery, which will be the focus of future regional exploration campaigns across the 100-kilometer-long (60-mile-long) VMS belt.Independent Economic Impact Study Highlights Arctic's Substantial Benefits to Alaska and the Northwest Arctic RegionAn independent economic impact analysis prepared by MRG for Ambler Metals quantifies the broad economic contributions of developing the Arctic Project and establishing surface transportation access to the Ambler Mining District. The study draws on the Arctic Feasibility Study, regional socioeconomic data, and peer benchmarking against Teck Resources Limited's Red Dog Mine, which has operated on NANA lands in Northwest Alaska since 1989.Key findings from the MRG study include:Construction-phase employment and wages: Arctic mine construction is expected to directly support an annual average of 500 workers over a three-year period, with a peak workforce of approximately 650, and cumulative direct wages of approximately $160 million. Including indirect and induced multiplier effects, construction activity is estimated to support an average of 750 jobs annually and cumulative wages of approximately $220 million across Alaska.Operations-phase employment and wages: Over the 13-year mine life as contemplated in the Arctic Feasibility Study, operations are expected to directly create approximately 430 jobs paying approximately $60.2 million in annual wages, and to support approximately 870 total jobs and approximately $89.8 million in annual wages statewide when indirect and induced effects are included.NANA shareholder hires and royalties: Consistent with Red Dog Mine benchmarks, the Arctic mine is expected to employ approximately 230 NANA shareholders annually under a preferential hiring framework. Under the existing Exploration Agreement and Option to Lease, NANA is entitled to a 1% net smelter royalty, expected to total approximately $85.7 million over the mine life using Feasibility Study metal price assumptions. NANA also retains the option to acquire a 16% to 25% direct interest in Arctic, or alternatively to receive a 15% net proceeds royalty estimated at approximately $400 million to $570 million cumulatively over the mine's operating life.Regional economic impacts: Within the Northwest Arctic Borough ("NWAB"), Arctic mine construction is expected to support an average of approximately 160 regional jobs and cumulative wages of approximately $50 million, and mine operations are expected to support approximately 160 regional jobs and approximately $20 million in annual wages across the 13-year mine life.State and local government revenue: Arctic production is expected to generate approximately $31.3 million in annual Alaska state taxes and fees, including Alaska Mining License Tax and Alaska Corporate Net Income Tax. Ambler Metals expects to negotiate a payment-in-lieu-of-tax agreement with the NWAB, consistent with the existing Red Dog Mine framework, which currently provides approximately 80% of total Borough revenue.Cost-of-living benefits for Alaska Native communities: Construction of the Ambler Access Project road, together with spur road connections, is estimated to deliver annual transportation cost savings of up to approximately $3.4 million across the Upper Kobuk and Koyukuk River communities of Ambler, Kobuk, Shungnak, Alatna, and Allakaket under a year-round gravel spur scenario. The MRG study estimates that surface access could reduce heating fuel transportation costs by approximately 70% per gallon and reduce material transportation costs on a typical single-family home in the Upper Kobuk region by approximately $287,000, a reduction of nearly 40% in total construction costs.A copy of the full MRG economic impact report is available on the Ambler Metals website. The figures summarized above are presented as reported in the MRG study and reflect the Arctic Feasibility Study (January 20, 2023) assumptions; readers are cautioned that actual economic outcomes will depend on, among other things, permitting timelines, final investment decisions, and metals price realizations, and may differ materially from the estimates presented.Qualified PersonsRichard Gosse, P.Geo., Vice President Exploration for Trilogy Metals Inc., is a Qualified Person as defined by National Instrument 43-101 – Standard of Disclosure for Mineral Projects and Subpart 1300 of Regulation S-K. Mr. Gosse has reviewed the technical information in this news release and approves the disclosure contained herein.About Trilogy MetalsTrilogy Metals Inc. is a metal exploration and development company holding a 50 percent interest in Ambler Metals LLC, which has a 100 percent interest in the Upper Kobuk Mineral Projects ("UKMP") in northwestern Alaska. On December 19, 2019, South32, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy Metals. The UKMP is located within the Ambler Mining District which is one of the richest and most-prospective known copper-dominant districts in the world. It hosts polymetallic VMS deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler Mining District – the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within a land package that spans approximately 190,929 hectares. Ambler Metals has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation that provides a framework for the exploration and potential development of the Ambler Mining District in cooperation with local communities. Trilogy Metals' vision is to develop the Ambler Mining District into a premier North American copper producer while protecting and respecting subsistence livelihoods.Cautionary Note Regarding Forward-Looking StatementsThis news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the anticipated timing of permitting at Arctic; timing, commencement and planned undertakings of the 2026 field program; results of the 2026 field program; assumptions, predicted outcomes and results of the MRG study; anticipated economic and social benefits of the development of the Arctic; and perceived merit of the properties are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving the outcome of pending litigation, success of exploration activities, permitting timelines, requirements for additional capital, government regulation of mining operations, environmental risks, prices for energy inputs, labour, materials, supplies and services, uncertainties involved in the interpretation of drilling results and geological tests, unexpected cost increases and other risks and uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2025 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
_______________________________________
1 Arctic Project NI 43-101 Technical Report and Feasibility Study (January 20, 2023) (the "Arctic Feasibility Study").
2 Copper equivalent grades are calculated using metal prices, recoveries, and payabilities and are based on Probable Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. For a full list of the assumptions used to calculate the copper equivalent grade, please see the Arctic Feasibility Study.
3 AMBLER MINING DISTRICT Economic Impact Analysis, November 2024, prepared by McKinley Research Group, LLC.
4 Technical report entitled "NI 43- 101 Technical Report on the Preliminary Economic Assessment of the Bornite Project, Northwest Alaska, USA" with an effective date of January 15, 2025 (the "Bornite Report").
5 Mineral Resources for the Bornite Project are reported in accordance with NI 43-101 and consist solely of Inferred Mineral Resources (208.9 million tonnes grading 1.42% copper, containing approximately 6.5 billion pounds of copper). See the Bornite Report for additional information, including details with respect to grade, quantity and metal or mineral content.

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Original: Trilogy Metals Announces Commencement of Permitting for High-Grade Arctic Copper-Zinc-Lead-Gold-Silver Project in Alaska

Trilogy Metals Reports First Quarter Fiscal 2026 Results and Provides Update on U.S. Federal Strategic Investment and Project AdvancementApril 2, 2026 4:30 PM
PR Newswire (US)

VANCOUVER, BC, April 2, 2026 /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, 2026, and provides an update on the U.S. federal strategic investment, project advancement at the Upper Kobuk Mineral Projects ("UKMP") in northwestern Alaska, and the broader regulatory and policy environment supporting domestic critical minerals development. 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 amounts are in United States dollars unless otherwise stated.Financial and Operational HighlightsStrong cash balance of $47.8 million as at February 28, 2026, providing significant financial flexibility.Continued advancement of the approximately $35.6 million U.S. federal strategic investment, reflecting the strategic importance of the UKMP to domestic critical mineral supply chains; the binding letter of intent with the U.S. Department of War ("DOW") provides for an investment of approximately $35.6 million, $17.8 million of which is payable to the Company to acquire common shares of the Company (the "Common Shares") and warrants of the Company (the "Warrants") and $17.8 million of which is payable South32 to acquire previously issued Common Shares and a call option to acquire previously issued Common Shares, subject to satisfaction of applicable conditions.Expanded senior management and operational capacity at Ambler Metals LLC ("Ambler Metals"), the Company's 50/50 joint venture with South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) ("South32"), including four new appointments, to support the 2026 work program and accelerate permitting and technical activities.U.S. Department of the Interior opened approximately 2.1 million acres to mineral entry through Public Land Order 7966, including federal lands along the Ambler Access Project (or "Ambler Road") corridor, removing future uncertainty over land status.U.S. Interior Secretary indicated the White House is actively considering participating in Ambler Road financing, potentially as an equity partner, reinforcing the federal government's commitment to critical mineral infrastructure in Alaska.2026 field season preparations underway for the approved $35 million Ambler Metals work program, including geotechnical and condemnation drilling at Arctic and reopening of the Bornite camp for multi-year exploration use.Annual General Meeting scheduled for May 13, 2026 in Vancouver, British Columbia.Tony Giardini, President and CEO of Trilogy Metals, commented: "The first quarter of fiscal 2026 has been a period of accelerating execution across all fronts. We are building the organizational capabilities at Ambler Metals needed to advance the UKMP through its next development phases, while the U.S. federal government continues to demonstrate strong and tangible support for domestic critical mineral production. The opening of approximately 2.1 million acres along the Ambler corridor and public statements by the Interior Secretary regarding potential federal participation in road financing represent meaningful progress toward de-risking the access infrastructure for the project. With our 2026 field program fully funded, our Ambler Metals team in place, and permitting preparations advancing, we are well positioned for a productive year."Selected ResultsThe following selected financial information is prepared in accordance with U.S. GAAP.

in thousands of dollars, except per share amount

Three months ended

February 28, 2026

February 28, 2025

Change

$

$

$
Exploration expenses

25

—

25
General and administrative

567

343

224
Investor relations

68

16

52
Professional fees

311

447

(136)
Salaries

616

207

409
Salaries and directors expense – stock-based compensation

3,096

2,230

866
Share of loss on equity investment

1,343

581

762
Loss on derivatives carried at fair market value

1,514

—

1,514
Interest and other income

(419)

(190)

(229)
Comprehensive loss for the period

(7,063)

(3,623)

(3,440)
Basic and diluted loss per common share

(0.04)

(0.02)

(0.02)
For the three-month period ended February 28, 2026, the Company reported a net loss of $7.1 million compared to a net loss of $3.6 million for the three-month period ended February 28, 2025. The increase in net loss is primarily driven by two non-cash items: i) the mark-to-market fair value adjustment of $1.5 million for the derivative liability related to the Company's obligation to issue Common Shares and Warrants to the DOW; and ii) stock-based compensation charges as a result of the annual grant with higher Black-Scholes values in the current year compared with the prior year. The loss is also impacted by an increase in activity at Ambler Metals which resulted in a larger amount for the Company's share of loss on the equity investment and an increase in personnel costs due to the addition of senior staff. Corporate and Project ActivitiesCorporate and Strategic DevelopmentsDuring the quarter, the Company continued to expand its corporate and joint venture capabilities. At the corporate level, additions in strategic advisory, corporate development, investor relations, and communications are supporting increased oversight of joint venture activities, strengthened stakeholder engagement, and the Company's ability to advance long-term strategic initiatives. On February 23, 2026, Ambler Metals announced four senior appointments: Michael Galicki as VP Exploration, Cole Schaeffer as VP Human Resources, Community and Partnerships, Jenna Tan as VP Finance, and Ron Rimelman as Senior Director, Permitting. These appointments coincide with South32's increased personnel commitment to Ambler Metals and are intended to ensure the joint venture is well-resourced to advance the 2026 work program, including mine permitting preparations and field season activities.Significant progress was also achieved on the Ambler Access Project during the quarter. On February 25, 2026, the U.S. Department of the Interior issued Public Land Order 7966, which partially revoked prior land withdrawals and opened approximately 2.1 million acres to mineral entry along the Dalton Utility Corridor, including federal lands traversed by the proposed Ambler Road alignment. This action, together with the Alaska Industrial Development and Export Authority Right-of-Way permits executed in fiscal 2025, continues to de-risk the road permitting pathway. In March 2026, U.S. Interior Secretary Doug Burgum publicly indicated the White House is actively considering whether to participate in financing the Ambler Road, potentially as an equity partner, reinforcing the Administration's commitment to critical mineral supply chain infrastructure.During the same visit, Secretary Burgum also highlighted federal support for the Alaska LNG project, a proposed $44 billion natural gas pipeline and liquefaction facility that has received all required federal permits. The approximately 807-mile Alaska LNG pipeline would follow the Dalton Highway corridor, the same infrastructure spine from which the proposed Ambler Road originates. The Administration has framed both projects as complementary elements of its Alaska resource development and energy security strategy, with the Dalton Corridor land order revocations explicitly benefiting both the Ambler Road and the Alaska LNG pipeline. The Company notes that the advancement of major energy infrastructure along the Dalton Corridor may enhance the long-term viability of the broader transportation and energy framework supporting the Ambler Mining District (see Figure 1 below).Budget and Operational OutlookThe Company has a 2026 fiscal year budget totaling $22.5 million, which is comprised of $5.0 million for corporate activities and $17.5 million for funding project activities at Ambler Metals. For the three-month period ended February 28, 2026, the Company recorded a net loss of $7.1 million, compared with a budgeted loss of $4.8 million. The variance was primarily driven by non-cash expenses that were not included in the budget, partially offset by lower than planned expenditures from Ambler Metals. During the quarter, the Company recorded a $1.5 million non-cash mark-to-market adjustment related to the derivative liability associated with its obligation to issue Common Shares and Warrants to the DOW. The Company also recognized $3.1 million of stock-based compensation expense associated with the current fiscal year's annual equity grant. These two non-cash expenses were not included in the budget and were partially offset by a favorable variance from the accounting for the equity investment in Ambler Metals, reflecting lower expenditures than budget due to slower than planned hiring of personnel at Ambler Metals.U.S. Federal Strategic Investment UpdateAs previously disclosed on October 6, 2025, Trilogy Metals entered into a binding letter of intent with the DOW for a strategic investment of approximately $35.6 million, comprising approximately $17.8 million into Trilogy Metals in exchange for 8,215,570 units (each unit consisting of one Common Share and three-quarters of a 10-year Warrant exercisable at $0.01 per share), and approximately $17.8 million to South32 for an equivalent number of Common Shares plus a call option. Upon closing, the DOW would hold approximately 10% of Trilogy Metals' outstanding Common Shares.On March 30, 2026, the parties amended the letter of intent to extend the deadline to May 31, 2026 to allow additional time for the completion of certain closing conditions, including the Foreign Ownership, Control, or Influence review.During the first quarter, the Company recorded a $1.5 million non-cash mark-to-market adjustment related to the derivative liability associated with the obligation to issue Common Shares and Warrants to the DOW. The derivative liability is expected to be resolved upon satisfaction of the applicable closing conditions.Liquidity and Capital ResourcesDuring the three-month period ended February 28, 2026, the Company used $2.7 million for operating activities and $2.5 million for investing activities, and raised $1.3 million in financing activities. Operating expenditures were driven primarily by corporate salaries, professional fees and annual regulatory filing fees with the U.S. and Canadian securities commissions. In addition, the Company contributed $2.5 million for its share of funding to Ambler Metals. These cash outflows were offset by $1.3 million in proceeds from financing activities, primarily from the Company's at-the-market equity program through which the Company may offer and issue up to $200 million of Common Shares from time to time pursuant to an equity distribution agreement dated November 7, 2025, and from the exercise of stock options.As at February 28, 2026, the Company had cash and cash equivalents of $47.8 million and adjusted working capital of $47.3 million, which are current assets less current liabilities excluding the derivative liability which will be settled by way of the issuance of Common Shares and Warrants. There is sufficient cash on hand to fund the Company's fiscal 2026 budget of $5.0 million and its share of Ambler Metals' fiscal budget of $17.5 million.Qualified PersonsRichard Gosse, P.Geo., Vice President Exploration for Trilogy Metals Inc., is a Qualified Person as defined by National Instrument 43-101 – Standard of Disclosure for Mineral Projects and Subpart 1300 of Regulation S-K. Mr. Gosse has reviewed the technical information in this news release and approves the disclosure contained herein.About Trilogy MetalsTrilogy Metals Inc. is a metals exploration and development company that holds a 50% interest in Ambler Metals LLC, which owns 100% of the Upper Kobuk Mineral Projects ("UKMP") in northwestern Alaska. The UKMP is located within the Ambler Mining District, one of the world's most prospective copper-dominant districts, hosting world-class polymetallic volcanogenic massive sulphide ("VMS") and carbonate replacement deposits. Exploration has focused on the Arctic VMS deposit and the Bornite copper-cobalt deposit.Ambler Metals operates under an agreement with NANA Regional Corporation, Inc., supporting responsible exploration and development in cooperation with local communities. Trilogy's vision is to develop the Ambler Mining District into a premier North American copper producer while respecting subsistence livelihoods.Cautionary Note Regarding Forward-Looking StatementsThis news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, potential actions and effects resulting from the executive orders and statements from the U.S. Department of the Interior, Bureau of Land Management; anticipated activity with respect to Ambler Access Project, including but not limited to the Alaska LNG pipeline; the anticipated benefits of recent management appointments; the proposed strategic investment by the DOW; perceived merit of properties; the sufficiency of cash for the next twelve months; and the Company's plans to provide further updates and the timing thereof are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving our assumptions with respect to those uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2025 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

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Original: Trilogy Metals Reports First Quarter Fiscal 2026 Results and Provides Update on U.S. Federal Strategic Investment and Project Advancement