{"success":true,"data":{"pressRelease":{"id":"159210","rtpr_id":"nPn7TX9VMa-20261002","ticker":"TMQ","exchange":"NYSE American","all_tickers":["TMQ"],"title":"Trilogy Metals Reports Third Quarter Fiscal 2026 Financial Results","author":"PR Newswire","published_at":"2026-10-02T10:30:00.871Z","article_body":"Trilogy Metals Reports Third Quarter Fiscal 2026 Financial Results\nPR Newswire\n\nVANCOUVER, BC, Oct. 2, 2026\n\nNYSE American / TSX\nSymbol: TMQ\n\nVANCOUVER, BC, Oct. 2, 2026 /PRNewswire/ -- Trilogy Metals Inc. (NYSE\nAmerican: TMQ) (TSX: TMQ) (\"Trilogy Metals\", \"Trilogy\" or the \"Company\")\nannounces its financial results for the third quarter ended August 31, 2026.\nDetails of the Company's financial results are contained in the interim\nunaudited consolidated financial statements and Management's Discussion and\nAnalysis which will be available on the Company's website at\nwww.trilogymetals.com (http://www.trilogymetals.com) , on SEDAR+ at\nwww.sedarplus.ca (http://www.sedarplus.ca) and on EDGAR at www.sec.gov\n(http://www.sec.gov) . All amounts are in United States dollars unless\notherwise stated.\n\nFinancial and Operational Highlights\n\n * Cash balance of $31.2 million as at August 31, 2026, with adjusted working\ncapital of $30.3 million, providing financial flexibility to fund the\nCompany's share of Upper Kobuk Mineral Projects (\"UKMP\") initiatives, with the\nCompany's share of Ambler Metals LLC's (\"Ambler Metals\") fiscal 2026 budget\nsubstantially funded.\n * Publication of a coordinated federal and state permitting schedule for the\nArctic Project on the Federal Permitting Dashboard on July 13, 2026. The\nschedule sets an estimated 29-month integrated review timetable targeting a\nRecord of Decision in September 2028, confirms the U.S. Army Corps of\nEngineers (\"USACE\") as lead federal agency, and integrates State of Alaska\npermitting under the first statewide FAST-41 Memorandum of Understanding in\nthe nation.\n * Closing of the DOW $35.6 million strategic equity investment subsequent to\nquarter end on September 11, 2026. The full proceeds received by Trilogy\nMetals and South32 Limited (\"South32\") are committed to Ambler Metals to\nadvance exploration and development of the UKMP in northwestern Alaska, and\nthe DOW has committed to work in good faith to help facilitate financing\nrequired for construction of the proposed 211-mile, industrial-use-only Ambler\nRoad (or \"Ambler Access Project\") in coordination with the State of Alaska and\nthe Alaska Industrial Development and Export Authority.\n * Publication of the Notice of Intent to prepare an Environmental Impact\nStatement by the USACE subsequent to quarter end in September 2026, formally\ncommencing the National Environmental Policy Act (\"NEPA\") review and public\nscoping phase for the Arctic Project on schedule.\nTony Giardini, President and CEO of Trilogy Metals, commented: \"The third\nquarter and the weeks that followed have been transformational for Trilogy\nMetals. The Department of War's investment in Trilogy was successfully closed.\nOn the permitting front, the Arctic Project now has a transparent, coordinated\nfederal and state schedule, and the Notice of Intent, published on schedule,\nhas formally launched the NEPA review on a path to a Record of Decision in\nSeptember 2028. With a defined permitting timeline, the investment by the U.S.\nGovernment, and a clear line of sight to a Record of Decision, Arctic is well\npositioned to become a cornerstone of a secure, domestic copper supply chain.\"\n\nSelected Results\n\nThe following selected financial information is prepared in accordance with\nU.S. GAAP.\n                                                                               in thousands of dollars\n Three months ended                                                         Nine months ended\n Selected expenses                                August 31,   August 31,   August 31,       August 31,\n                                                  2026         2025         2026             2025\n\n$\n$\n$\n$\n General and administrative                       294          214          1,291            910\n Investor relations                               14           38           121              72\n Professional fees                                643          246          1,429            1,305\n Salaries                                         429          251          1,547            774\n Salaries and directors expense – stock based     675          374          4,445            2,971\n compensation\n Share of loss on equity investment               9,557        891          13,234           2,236\n Gain on derivative carried at fair market value  (11,564)     -            (7,773)          -\n Interest and other income                        (334)        (309)        (1,163)          (752)\n Comprehensive income/(loss) for the period       244          (1,747)      (13,164)         (7,547)\n\nFor the three-month period ended August 31, 2026, the Company reported a net\nincome of $0.2 million compared to a net loss of $1.7 million for the\nthree-month period ended August 31, 2025. The net income was primarily driven\nby a mark-to-market gain arising from the change in fair value of the\nderivative liability related to the Company's obligation to issue common\nshares (the \"Common Shares\") and warrants to purchase Common Shares (the\n\"Warrants\") to the DOW, and was offset by an increase in the Company's 50%\nshare of loss from its investment in Ambler Metals. The increase in the\nCompany's share of loss from Ambler Metals was primarily driven by budgeted\nexploration activities undertaken during the period.\n\nFor the nine-month period ended August 31, 2026, the Company reported a net\nloss of $13.2 million, compared to a net loss of $7.5 million for the same\nperiod in 2025. The increase in net loss was primarily driven by two non-cash\nitems: (i) stock-based compensation expense related to the Company's annual\ngrant with higher Black-Scholes values in the current year compared to the\nprior year; and (ii) increased activity related to budgeted exploration\nactivities at Ambler Metals which resulted in a larger amount for the\nCompany's share of loss on equity investment and an increase in personnel\ncosts due to the addition of senior staff. This was offset by a mark-to-market\ngain arising from the change in fair value of the derivative liability related\nto the Company's obligation to issue the Common Shares and Warrants to the\nDOW.\n\nClosing of Strategic Equity Investment from the United States Department of\nWar\n\nOn August 28, 2026, the Company entered into an Investment Agreement (the\n\"Investment Agreement\") with the DOW, relating to the DOW's strategic\ninvestment in the Company (the \"Strategic Investment\"). On September 11, 2026,\nthe Company completed the Strategic Investment by the DOW. At closing, the\nCompany issued 8,215,570 units to the DOW at a price of $2.17 per unit for\ngross proceeds of approximately $17.8 million. Each unit consisted of one\nCommon Share and three-quarters of one Warrant, resulting in the issuance of\nWarrants to acquire up to 6,161,678 additional Common Shares at an exercise\nprice of $0.01 per Common Share. The Warrants have a ten-year term and become\nexercisable upon the earlier of the completion of Phase 1 of the Ambler Access\nProject and the achievement of certain specified usage milestones for the\nAmbler Access Project, or a change of control of the Company.\n\nThe Company received gross proceeds of approximately $17.8 million upon\nclosing of the Strategic Investment. The proceeds are specifically designated\nto fund an additional cash capital contribution to Ambler Metals and,\ntherefore, do not represent additional liquidity available to fund the\nCompany's general corporate activities. South32 will make a corresponding\ncontribution on a pro-rata basis, such that the Company's 50% ownership\ninterest in Ambler Metals will remain unchanged.\n\nFollowing the issuance of the Common Shares to the DOW, and the DOW's separate\nacquisition of Common Shares from South32, the DOW holds approximately 9.1% of\nthe Company's outstanding Common Shares. In connection with closing, the\nCompany, through its wholly-owned subsidiary Trilogy Metals US, and the DOW,\namong other parties, also entered into a Cooperation Agreement (the\n\"Cooperation Agreement\", and together with the Investment Agreement and other\nancillary agreements, the \"DOW Transaction Documents\"). Pursuant to the DOW\nTransaction Documents, the DOW is entitled to (i) designate one independent\nthird-party nominee for appointment to the Company's Board of Directors, and\n(ii) appoint a representative to attend meetings of the Company's Board of\nDirectors in an observer capacity.\n\nThe closing also resulted in the settlement of the derivative liability\npreviously recognized in connection with the Company's obligation to issue\nCommon Shares and Warrants to the DOW. Upon settlement, the Company recognized\na gain of approximately $3.9 million, representing the change in the\nderivative liability through the closing date. The derivative liability was\nextinguished upon issuance of the underlying securities, and the applicable\namounts were reclassified to share capital and contributed surplus. As a\nresult, subsequent changes in the value of the Common Shares will no longer\nresult in fair value adjustments associated with this derivative liability.\nThe gain recognized on settlement is non-cash in nature and therefore does not\naffect the Company's cash flows.\n\nThe Strategic Investment represents a source of funding for the Company's\ninvestment in Ambler Metals while maintaining the Company's 50% ownership\ninterest in the joint venture. Future exercise of the Warrants could result in\nfuture dilution of share capital, although such exercise is subject to the\nspecified conditions described above.\n\nLiquidity and Capital Resources\n\nDuring the nine-month period ended August 31, 2026, the Company used $4.9\nmillion in operating activities and $17.0 million in investing activities, and\nraised $1.4 million in financing activities. Operating expenditures were\ndriven primarily by corporate salaries, professional fees and annual\nregulatory filing fees with the U.S. and Canadian securities commissions. In\naddition, the Company contributed $17.0 million for its share of funding to\nAmbler Metals. These cash outflows were offset by $1.4 million in proceeds\nfrom financing activities, primarily from the Company's at-the-market equity\nprogram through which the Company may offer and issue up to $200 million of\nCommon Shares from time to time pursuant to an equity distribution agreement\ndated November 7, 2025, and from the exercise of stock options.\n\nAs at August 31, 2026, the Company had cash and cash equivalents of $31.2\nmillion and adjusted working capital of $30.3 million, which are current\nassets less current liabilities excluding the derivative liability which will\nbe settled by way of the issuance of the Common Shares and Warrants. There is\nsufficient cash on hand for the next twelve months from the end of the\nCompany's most recent fiscal quarter, including funding its remaining fiscal\n2026 corporate budget of $1.1 million. The Company's share of Ambler Metals'\nfiscal 2026 budget is $17.5 million, of which $17.0 million had been funded as\nat August 31, 2026.\n\nFuture cash requirements may vary materially from current expectations. Beyond\nthe next twelve months, the Company may need to raise additional funds in the\nfuture to support its operations and administration expenses. Future sources\nof liquidity are likely in the form of an equity financing but may include\ndebt financing, convertible debt, exercise of options, or other means,\nincluding, but not limited to, utilizing the Company's ATM program.\n\nQualified Persons\n\nRichard Gosse, P.Geo., Vice President Exploration for Trilogy Metals Inc., is\na Qualified Person as defined by National Instrument 43-101 – Standards of\nDisclosure for Mineral Projects. Mr. Gosse has reviewed the scientific and\ntechnical information in this news release and approves the disclosure\ncontained herein.\n\nAbout Trilogy Metals\n\nTrilogy Metals Inc. is a metals exploration and development company that holds\na 50% interest in Ambler Metals LLC, which owns 100% of the Upper Kobuk\nMineral Projects in northwestern Alaska. The UKMP is located within the Ambler\nMining District, one of the richest and most prospective known copper-dominant\ndistricts in the world. It hosts world-class polymetallic VMS deposits that\ncontain copper, zinc, lead, gold and silver, and carbonate replacement\ndeposits that have been found to host high-grade copper and cobalt\nmineralization. Exploration has focused on two deposits in the district –\nthe high-grade Arctic VMS deposit and the Bornite copper-cobalt deposit –\nwhich are located within a land package that spans approximately 190,929\nhectares.\n\nAmbler Metals operates under an agreement with NANA Regional Corporation,\nInc., supporting responsible exploration and development in cooperation with\nlocal communities. Trilogy's vision is to develop the Ambler Mining District\ninto a premier North American copper producer while respecting subsistence\nlivelihoods.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis news release includes certain \"forward-looking information\" and\n\"forward-looking statements\" (collectively \"forward-looking statements\")\nwithin the meaning of applicable Canadian and United States securities\nlegislation including the United States Private Securities Litigation Reform\nAct of 1995. All statements, other than statements of historical fact,\nincluded herein, including, without limitation, potential actions and effects\nresulting from the executive orders and statements from the Department of the\nInterior, Bureau of Land Management; anticipated timing of permitting at the\nArctic Project, including predicted outcomes and benefits of the FAST-41\nprogram; perceived merit of properties; statements regarding Ambler Metals'\nplans and expectations relating to the UKMP; the sufficiency of cash for the\nnext twelve months; continued collaboration among Trilogy Metals, South32 and\nthe DOW; and the Company's plans to provide further updates and the timing\nthereof are forward-looking statements. Forward-looking statements are\nfrequently, but not always, identified by words such as \"expects\",\n\"anticipates\", \"believes\", \"intends\", \"estimates\", \"potential\", \"possible\",\nand similar expressions, or statements that events, conditions, or results\n\"will\", \"may\", \"could\", or \"should\" occur or be achieved. Forward-looking\nstatements involve various risks and uncertainties. There can be no assurance\nthat such statements will prove to be accurate, and actual results and future\nevents could differ materially from those anticipated in such statements.\nImportant factors that could cause actual results to differ materially from\nthe Company's expectations include the uncertainties involving our assumptions\nwith respect to those uncertainties disclosed in the Company's Annual Report\non Form 10-K for the year ended November 30, 2025 filed with Canadian\nsecurities regulatory authorities and with the United States Securities and\nExchange Commission and in other Company reports and documents filed with\napplicable securities regulatory authorities from time to time. The Company's\nforward-looking statements reflect the beliefs, opinions and projections on\nthe date the statements are made. The Company assumes no obligation to update\nthe forward-looking statements or beliefs, opinions, projections, or other\nfactors, should they change, except as required by law.\n\nThe DOW Transaction Documents are contractual arrangements between the Company\nand the DOW. References in this news release to the DOW investment, the\nDepartment of War or other U.S. government entities are not intended to, and\nshould not be construed to, imply that the DOW or any other U.S. Government\nentity endorses, recommends, sponsors, approves, certifies, guarantees,\nmanages, or controls the Company, its affiliates, its securities, its\nproducts, its facilities, or any project described therein. Except for the\nexpress rights and obligations set forth in the applicable agreements, the DOW\ninvestment does not create a partnership, joint venture, agency, fiduciary, or\nsimilar relationship between the Company and the DOW, and does not obligate\nany U.S. Government entity to provide additional funding, assistance, permits,\napprovals, purchases, or other support.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/trilogy-metals-reports-third-quarter-fiscal-2026-financial-results-302896962.html\n(https://www.prnewswire.com/news-releases/trilogy-metals-reports-third-quarter-fiscal-2026-financial-results-302896962.html)\n\nSOURCE Trilogy Metals Inc.\n\n\n\nCompany Contact: Matthew Keevil, Vice President, Investor Relations and Business Development, Phone: +1 604 638 8088, Email: ir@trilogymetals.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1132784/Trilogy-Metals-Inc-Trilogy-Metals-Reports-Third-Quarter-Fiscal.jpg?id=OA2983679\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn7TX9VMa-20261002","title":"Trilogy Metals Reports Third Quarter Fiscal 2026 Financial Results","author":"PR Newswire","ticker":"TMQ","created":"2026-10-02T10:30:00.871Z","tickers":["TMQ"],"exchange":"NYSE American","article_body":"Trilogy Metals Reports Third Quarter Fiscal 2026 Financial Results\nPR Newswire\n\nVANCOUVER, BC, Oct. 2, 2026\n\nNYSE American / TSX\nSymbol: TMQ\n\nVANCOUVER, BC, Oct. 2, 2026 /PRNewswire/ -- Trilogy Metals Inc. (NYSE\nAmerican: TMQ) (TSX: TMQ) (\"Trilogy Metals\", \"Trilogy\" or the \"Company\")\nannounces its financial results for the third quarter ended August 31, 2026.\nDetails of the Company's financial results are contained in the interim\nunaudited consolidated financial statements and Management's Discussion and\nAnalysis which will be available on the Company's website at\nwww.trilogymetals.com (http://www.trilogymetals.com) , on SEDAR+ at\nwww.sedarplus.ca (http://www.sedarplus.ca) and on EDGAR at www.sec.gov\n(http://www.sec.gov) . All amounts are in United States dollars unless\notherwise stated.\n\nFinancial and Operational Highlights\n\n * Cash balance of $31.2 million as at August 31, 2026, with adjusted working\ncapital of $30.3 million, providing financial flexibility to fund the\nCompany's share of Upper Kobuk Mineral Projects (\"UKMP\") initiatives, with the\nCompany's share of Ambler Metals LLC's (\"Ambler Metals\") fiscal 2026 budget\nsubstantially funded.\n * Publication of a coordinated federal and state permitting schedule for the\nArctic Project on the Federal Permitting Dashboard on July 13, 2026. The\nschedule sets an estimated 29-month integrated review timetable targeting a\nRecord of Decision in September 2028, confirms the U.S. Army Corps of\nEngineers (\"USACE\") as lead federal agency, and integrates State of Alaska\npermitting under the first statewide FAST-41 Memorandum of Understanding in\nthe nation.\n * Closing of the DOW $35.6 million strategic equity investment subsequent to\nquarter end on September 11, 2026. The full proceeds received by Trilogy\nMetals and South32 Limited (\"South32\") are committed to Ambler Metals to\nadvance exploration and development of the UKMP in northwestern Alaska, and\nthe DOW has committed to work in good faith to help facilitate financing\nrequired for construction of the proposed 211-mile, industrial-use-only Ambler\nRoad (or \"Ambler Access Project\") in coordination with the State of Alaska and\nthe Alaska Industrial Development and Export Authority.\n * Publication of the Notice of Intent to prepare an Environmental Impact\nStatement by the USACE subsequent to quarter end in September 2026, formally\ncommencing the National Environmental Policy Act (\"NEPA\") review and public\nscoping phase for the Arctic Project on schedule.\nTony Giardini, President and CEO of Trilogy Metals, commented: \"The third\nquarter and the weeks that followed have been transformational for Trilogy\nMetals. The Department of War's investment in Trilogy was successfully closed.\nOn the permitting front, the Arctic Project now has a transparent, coordinated\nfederal and state schedule, and the Notice of Intent, published on schedule,\nhas formally launched the NEPA review on a path to a Record of Decision in\nSeptember 2028. With a defined permitting timeline, the investment by the U.S.\nGovernment, and a clear line of sight to a Record of Decision, Arctic is well\npositioned to become a cornerstone of a secure, domestic copper supply chain.\"\n\nSelected Results\n\nThe following selected financial information is prepared in accordance with\nU.S. GAAP.\n                                                                               in thousands of dollars\n Three months ended                                                         Nine months ended\n Selected expenses                                August 31,   August 31,   August 31,       August 31,\n                                                  2026         2025         2026             2025\n\n$\n$\n$\n$\n General and administrative                       294          214          1,291            910\n Investor relations                               14           38           121              72\n Professional fees                                643          246          1,429            1,305\n Salaries                                         429          251          1,547            774\n Salaries and directors expense – stock based     675          374          4,445            2,971\n compensation\n Share of loss on equity investment               9,557        891          13,234           2,236\n Gain on derivative carried at fair market value  (11,564)     -            (7,773)          -\n Interest and other income                        (334)        (309)        (1,163)          (752)\n Comprehensive income/(loss) for the period       244          (1,747)      (13,164)         (7,547)\n\nFor the three-month period ended August 31, 2026, the Company reported a net\nincome of $0.2 million compared to a net loss of $1.7 million for the\nthree-month period ended August 31, 2025. The net income was primarily driven\nby a mark-to-market gain arising from the change in fair value of the\nderivative liability related to the Company's obligation to issue common\nshares (the \"Common Shares\") and warrants to purchase Common Shares (the\n\"Warrants\") to the DOW, and was offset by an increase in the Company's 50%\nshare of loss from its investment in Ambler Metals. The increase in the\nCompany's share of loss from Ambler Metals was primarily driven by budgeted\nexploration activities undertaken during the period.\n\nFor the nine-month period ended August 31, 2026, the Company reported a net\nloss of $13.2 million, compared to a net loss of $7.5 million for the same\nperiod in 2025. The increase in net loss was primarily driven by two non-cash\nitems: (i) stock-based compensation expense related to the Company's annual\ngrant with higher Black-Scholes values in the current year compared to the\nprior year; and (ii) increased activity related to budgeted exploration\nactivities at Ambler Metals which resulted in a larger amount for the\nCompany's share of loss on equity investment and an increase in personnel\ncosts due to the addition of senior staff. This was offset by a mark-to-market\ngain arising from the change in fair value of the derivative liability related\nto the Company's obligation to issue the Common Shares and Warrants to the\nDOW.\n\nClosing of Strategic Equity Investment from the United States Department of\nWar\n\nOn August 28, 2026, the Company entered into an Investment Agreement (the\n\"Investment Agreement\") with the DOW, relating to the DOW's strategic\ninvestment in the Company (the \"Strategic Investment\"). On September 11, 2026,\nthe Company completed the Strategic Investment by the DOW. At closing, the\nCompany issued 8,215,570 units to the DOW at a price of $2.17 per unit for\ngross proceeds of approximately $17.8 million. Each unit consisted of one\nCommon Share and three-quarters of one Warrant, resulting in the issuance of\nWarrants to acquire up to 6,161,678 additional Common Shares at an exercise\nprice of $0.01 per Common Share. The Warrants have a ten-year term and become\nexercisable upon the earlier of the completion of Phase 1 of the Ambler Access\nProject and the achievement of certain specified usage milestones for the\nAmbler Access Project, or a change of control of the Company.\n\nThe Company received gross proceeds of approximately $17.8 million upon\nclosing of the Strategic Investment. The proceeds are specifically designated\nto fund an additional cash capital contribution to Ambler Metals and,\ntherefore, do not represent additional liquidity available to fund the\nCompany's general corporate activities. South32 will make a corresponding\ncontribution on a pro-rata basis, such that the Company's 50% ownership\ninterest in Ambler Metals will remain unchanged.\n\nFollowing the issuance of the Common Shares to the DOW, and the DOW's separate\nacquisition of Common Shares from South32, the DOW holds approximately 9.1% of\nthe Company's outstanding Common Shares. In connection with closing, the\nCompany, through its wholly-owned subsidiary Trilogy Metals US, and the DOW,\namong other parties, also entered into a Cooperation Agreement (the\n\"Cooperation Agreement\", and together with the Investment Agreement and other\nancillary agreements, the \"DOW Transaction Documents\"). Pursuant to the DOW\nTransaction Documents, the DOW is entitled to (i) designate one independent\nthird-party nominee for appointment to the Company's Board of Directors, and\n(ii) appoint a representative to attend meetings of the Company's Board of\nDirectors in an observer capacity.\n\nThe closing also resulted in the settlement of the derivative liability\npreviously recognized in connection with the Company's obligation to issue\nCommon Shares and Warrants to the DOW. Upon settlement, the Company recognized\na gain of approximately $3.9 million, representing the change in the\nderivative liability through the closing date. The derivative liability was\nextinguished upon issuance of the underlying securities, and the applicable\namounts were reclassified to share capital and contributed surplus. As a\nresult, subsequent changes in the value of the Common Shares will no longer\nresult in fair value adjustments associated with this derivative liability.\nThe gain recognized on settlement is non-cash in nature and therefore does not\naffect the Company's cash flows.\n\nThe Strategic Investment represents a source of funding for the Company's\ninvestment in Ambler Metals while maintaining the Company's 50% ownership\ninterest in the joint venture. Future exercise of the Warrants could result in\nfuture dilution of share capital, although such exercise is subject to the\nspecified conditions described above.\n\nLiquidity and Capital Resources\n\nDuring the nine-month period ended August 31, 2026, the Company used $4.9\nmillion in operating activities and $17.0 million in investing activities, and\nraised $1.4 million in financing activities. Operating expenditures were\ndriven primarily by corporate salaries, professional fees and annual\nregulatory filing fees with the U.S. and Canadian securities commissions. In\naddition, the Company contributed $17.0 million for its share of funding to\nAmbler Metals. These cash outflows were offset by $1.4 million in proceeds\nfrom financing activities, primarily from the Company's at-the-market equity\nprogram through which the Company may offer and issue up to $200 million of\nCommon Shares from time to time pursuant to an equity distribution agreement\ndated November 7, 2025, and from the exercise of stock options.\n\nAs at August 31, 2026, the Company had cash and cash equivalents of $31.2\nmillion and adjusted working capital of $30.3 million, which are current\nassets less current liabilities excluding the derivative liability which will\nbe settled by way of the issuance of the Common Shares and Warrants. There is\nsufficient cash on hand for the next twelve months from the end of the\nCompany's most recent fiscal quarter, including funding its remaining fiscal\n2026 corporate budget of $1.1 million. The Company's share of Ambler Metals'\nfiscal 2026 budget is $17.5 million, of which $17.0 million had been funded as\nat August 31, 2026.\n\nFuture cash requirements may vary materially from current expectations. Beyond\nthe next twelve months, the Company may need to raise additional funds in the\nfuture to support its operations and administration expenses. Future sources\nof liquidity are likely in the form of an equity financing but may include\ndebt financing, convertible debt, exercise of options, or other means,\nincluding, but not limited to, utilizing the Company's ATM program.\n\nQualified Persons\n\nRichard Gosse, P.Geo., Vice President Exploration for Trilogy Metals Inc., is\na Qualified Person as defined by National Instrument 43-101 – Standards of\nDisclosure for Mineral Projects. Mr. Gosse has reviewed the scientific and\ntechnical information in this news release and approves the disclosure\ncontained herein.\n\nAbout Trilogy Metals\n\nTrilogy Metals Inc. is a metals exploration and development company that holds\na 50% interest in Ambler Metals LLC, which owns 100% of the Upper Kobuk\nMineral Projects in northwestern Alaska. The UKMP is located within the Ambler\nMining District, one of the richest and most prospective known copper-dominant\ndistricts in the world. It hosts world-class polymetallic VMS deposits that\ncontain copper, zinc, lead, gold and silver, and carbonate replacement\ndeposits that have been found to host high-grade copper and cobalt\nmineralization. Exploration has focused on two deposits in the district –\nthe high-grade Arctic VMS deposit and the Bornite copper-cobalt deposit –\nwhich are located within a land package that spans approximately 190,929\nhectares.\n\nAmbler Metals operates under an agreement with NANA Regional Corporation,\nInc., supporting responsible exploration and development in cooperation with\nlocal communities. Trilogy's vision is to develop the Ambler Mining District\ninto a premier North American copper producer while respecting subsistence\nlivelihoods.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis news release includes certain \"forward-looking information\" and\n\"forward-looking statements\" (collectively \"forward-looking statements\")\nwithin the meaning of applicable Canadian and United States securities\nlegislation including the United States Private Securities Litigation Reform\nAct of 1995. All statements, other than statements of historical fact,\nincluded herein, including, without limitation, potential actions and effects\nresulting from the executive orders and statements from the Department of the\nInterior, Bureau of Land Management; anticipated timing of permitting at the\nArctic Project, including predicted outcomes and benefits of the FAST-41\nprogram; perceived merit of properties; statements regarding Ambler Metals'\nplans and expectations relating to the UKMP; the sufficiency of cash for the\nnext twelve months; continued collaboration among Trilogy Metals, South32 and\nthe DOW; and the Company's plans to provide further updates and the timing\nthereof are forward-looking statements. Forward-looking statements are\nfrequently, but not always, identified by words such as \"expects\",\n\"anticipates\", \"believes\", \"intends\", \"estimates\", \"potential\", \"possible\",\nand similar expressions, or statements that events, conditions, or results\n\"will\", \"may\", \"could\", or \"should\" occur or be achieved. Forward-looking\nstatements involve various risks and uncertainties. There can be no assurance\nthat such statements will prove to be accurate, and actual results and future\nevents could differ materially from those anticipated in such statements.\nImportant factors that could cause actual results to differ materially from\nthe Company's expectations include the uncertainties involving our assumptions\nwith respect to those uncertainties disclosed in the Company's Annual Report\non Form 10-K for the year ended November 30, 2025 filed with Canadian\nsecurities regulatory authorities and with the United States Securities and\nExchange Commission and in other Company reports and documents filed with\napplicable securities regulatory authorities from time to time. The Company's\nforward-looking statements reflect the beliefs, opinions and projections on\nthe date the statements are made. The Company assumes no obligation to update\nthe forward-looking statements or beliefs, opinions, projections, or other\nfactors, should they change, except as required by law.\n\nThe DOW Transaction Documents are contractual arrangements between the Company\nand the DOW. References in this news release to the DOW investment, the\nDepartment of War or other U.S. government entities are not intended to, and\nshould not be construed to, imply that the DOW or any other U.S. Government\nentity endorses, recommends, sponsors, approves, certifies, guarantees,\nmanages, or controls the Company, its affiliates, its securities, its\nproducts, its facilities, or any project described therein. Except for the\nexpress rights and obligations set forth in the applicable agreements, the DOW\ninvestment does not create a partnership, joint venture, agency, fiduciary, or\nsimilar relationship between the Company and the DOW, and does not obligate\nany U.S. Government entity to provide additional funding, assistance, permits,\napprovals, purchases, or other support.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/trilogy-metals-reports-third-quarter-fiscal-2026-financial-results-302896962.html\n(https://www.prnewswire.com/news-releases/trilogy-metals-reports-third-quarter-fiscal-2026-financial-results-302896962.html)\n\nSOURCE Trilogy Metals Inc.\n\n\n\nCompany Contact: Matthew Keevil, Vice President, Investor Relations and Business Development, Phone: +1 604 638 8088, Email: ir@trilogymetals.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1132784/Trilogy-Metals-Inc-Trilogy-Metals-Reports-Third-Quarter-Fiscal.jpg?id=OA2983679\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-10-02T10:30:00.960417935Z","server_sent_at_ms":1790937000960},"received_at":"2026-10-02T10:30:01.115Z","source_url":"https://www.prnewswire.com/news-releases/trilogy-metals-reports-third-quarter-fiscal-2026-financial-results-302896962.html"},"analysis":{"id":"147820","press_release_id":"159210","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["Pre-revenue explorer with ongoing exploration losses; may need future equity financing beyond twelve months","Warrants to DOW (up to 6,161,678 shares at $0.01) create potential dilution upon Ambler Access milestones","$17.8M of proceeds are earmarked for Ambler Metals, not general corporate use","Permitting and Record of Decision timing remain subject to regulatory and political risk"],"eventType":"earnings","narrative":"Trilogy Metals reported Q3 fiscal 2026 net income of $0.2 million versus a $1.7 million loss a year earlier, driven by a mark-to-market gain on the derivative tied to the DOW investment; the nine-month net loss widened to $13.2 million on higher exploration spending and stock-based compensation.\n\nThe U.S. Department of War closed a $35.6 million strategic equity investment on September 11, with Trilogy receiving $17.8 million in gross proceeds at $2.17 per unit; the DOW now holds roughly 9.1% of shares outstanding and gains a board nominee right.\n\nPermitting momentum continued: a coordinated federal-state schedule targets a Record of Decision for the Arctic copper project by September 2028 under a 29-month FAST-41 review, and the USACE Notice of Intent formally launched NEPA scoping.\n\nLiquidity stands at $31.2 million in cash with the Ambler Metals fiscal 2026 budget substantially funded, though the company acknowledges it may need to raise additional funds beyond twelve months.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"U.S. government-backed copper story: DOW stake closed and Arctic permitting on a defined 29-month path to a September 2028 Record of Decision."},"keyFigures":{"eps":0,"customDimensions":{"dow_stake":"9.1%","unit_price":"$2.17","cash_balance":"$31.2 million","net_income_q3":"$0.2 million","units_issued_to_dow":8215570,"dow_investment_total":"$35.6 million","net_loss_nine_months":"$13.2 million","adjusted_working_capital":"$30.3 million","ambler_fy26_budget_share":"$17.5 million","gross_proceeds_to_trilogy":"$17.8 million","record_of_decision_target":"September 2028","operating_cash_use_nine_months":"$4.9 million"}},"quotedText":"With a defined permitting timeline, the investment by the U.S. Government, and a clear line of sight to a Record of Decision, Arctic is well positioned to become a cornerstone of a secure, domestic copper supply chain.","namedEntities":{"people":[{"name":"Tony Giardini","role":"President and CEO"},{"name":"Richard Gosse","role":"VP Exploration, Qualified Person"},{"name":"Matthew Keevil","role":"VP Investor Relations and Business Development"}],"products":["Arctic VMS deposit","Bornite copper-cobalt deposit","Ambler Road (Ambler Access Project)"],"companies":[{"name":"Trilogy Metals Inc.","ticker":"TMQ"},{"name":"Ambler Metals LLC","relationship":"50/50 joint venture subsidiary"},{"name":"South32 Limited","relationship":"joint venture partner"},{"name":"U.S. Department of War (DOW)","relationship":"strategic investor, 9.1% holder"},{"name":"NANA Regional Corporation, Inc.","relationship":"community agreement partner"}],"dollarAmounts":[{"amount":"$31.2 million","context":"cash balance at August 31, 2026"},{"amount":"$30.3 million","context":"adjusted working capital"},{"amount":"$35.6 million","context":"DOW strategic equity investment (total proceeds to Trilogy and South32)"},{"amount":"$17.8 million","context":"gross proceeds received by Trilogy at closing"},{"amount":"$2.17","context":"price per unit issued to the DOW"},{"amount":"$0.01","context":"warrant exercise price per common share"},{"amount":"$3.9 million","context":"non-cash gain on settlement of derivative liability"},{"amount":"$13.2 million","context":"nine-month net loss"},{"amount":"$200 million","context":"at-the-market equity program capacity"},{"amount":"$17.5 million","context":"Trilogy's share of Ambler Metals fiscal 2026 budget"},{"amount":"$0.2 million","context":"Q3 net income"}]},"materialImpact":{"score":3,"reasoning":"Pre-revenue explorer's quarter is light, but the release confirms the closed $35.6M U.S. Department of War strategic investment, a ~9.1% government stake, and a defined 29-month permitting path to a Record of Decision in September 2028 for the Arctic copper project."},"tickerRelevance":{"others":[],"primary":"TMQ"},"globalImportance":35,"audienceRelevance":25,"eventTypeSecondary":["operations_update","offering"],"importanceComponents":{"tickerTier":"small-cap micro-cap explorer","eventGravity":"earnings plus strategic government investment and permitting milestone","sectorWeight":"critical minerals / domestic copper supply narrative","retailFavoriteBoost":"moderate due to U.S. government equity stake angle"}},"event_type":"earnings","event_type_secondary":["operations_update","offering"],"sentiment":"bullish","material_impact_score":3,"narrative":"Trilogy Metals reported Q3 fiscal 2026 net income of $0.2 million versus a $1.7 million loss a year earlier, driven by a mark-to-market gain on the derivative tied to the DOW investment; the nine-month net loss widened to $13.2 million on higher exploration spending and stock-based compensation.\n\nThe U.S. Department of War closed a $35.6 million strategic equity investment on September 11, with Trilogy receiving $17.8 million in gross proceeds at $2.17 per unit; the DOW now holds roughly 9.1% of shares outstanding and gains a board nominee right.\n\nPermitting momentum continued: a coordinated federal-state schedule targets a Record of Decision for the Arctic copper project by September 2028 under a 29-month FAST-41 review, and the USACE Notice of Intent formally launched NEPA scoping.\n\nLiquidity stands at $31.2 million in cash with the Ambler Metals fiscal 2026 budget substantially funded, though the company acknowledges it may need to raise additional funds beyond twelve months.","key_figures":{"eps":0,"customDimensions":{"dow_stake":"9.1%","unit_price":"$2.17","cash_balance":"$31.2 million","net_income_q3":"$0.2 million","units_issued_to_dow":8215570,"dow_investment_total":"$35.6 million","net_loss_nine_months":"$13.2 million","adjusted_working_capital":"$30.3 million","ambler_fy26_budget_share":"$17.5 million","gross_proceeds_to_trilogy":"$17.8 million","record_of_decision_target":"September 2028","operating_cash_use_nine_months":"$4.9 million"}},"named_entities":{"people":[{"name":"Tony Giardini","role":"President and CEO"},{"name":"Richard Gosse","role":"VP Exploration, Qualified Person"},{"name":"Matthew Keevil","role":"VP Investor Relations and Business Development"}],"products":["Arctic VMS deposit","Bornite copper-cobalt deposit","Ambler Road (Ambler Access Project)"],"companies":[{"name":"Trilogy Metals Inc.","ticker":"TMQ"},{"name":"Ambler Metals LLC","relationship":"50/50 joint venture subsidiary"},{"name":"South32 Limited","relationship":"joint venture partner"},{"name":"U.S. Department of War (DOW)","relationship":"strategic investor, 9.1% holder"},{"name":"NANA Regional Corporation, Inc.","relationship":"community agreement partner"}],"dollarAmounts":[{"amount":"$31.2 million","context":"cash balance at August 31, 2026"},{"amount":"$30.3 million","context":"adjusted working capital"},{"amount":"$35.6 million","context":"DOW strategic equity investment (total proceeds to Trilogy and South32)"},{"amount":"$17.8 million","context":"gross proceeds received by Trilogy at closing"},{"amount":"$2.17","context":"price per unit issued to the DOW"},{"amount":"$0.01","context":"warrant exercise price per common share"},{"amount":"$3.9 million","context":"non-cash gain on settlement of derivative liability"},{"amount":"$13.2 million","context":"nine-month net loss"},{"amount":"$200 million","context":"at-the-market equity program capacity"},{"amount":"$17.5 million","context":"Trilogy's share of Ambler Metals fiscal 2026 budget"},{"amount":"$0.2 million","context":"Q3 net income"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-02T10:30:11.651Z","global_importance":35,"audience_relevance":25,"importance_components":{"tickerTier":"small-cap micro-cap explorer","eventGravity":"earnings plus strategic government investment and permitting milestone","sectorWeight":"critical minerals / domestic copper supply narrative","retailFavoriteBoost":"moderate due to U.S. government equity stake angle"}},"durationMs":10488,"modelName":"glm-5.3-flashx"}}