Trilogy Metals Extends Closing Date for $35.6 Million U.S. Government Investment

Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) announced that it has agreed with the U.S. Department of War to extend the targeted closing date for the previously announced proposed $35.6 million strategic equity investment from May 31, 2026, to July 31, 2026. The extension allows additional time to finalize definitive transaction documentation. The company stated that key pre-closing milestones have been achieved, including completion of the U.S. government's Foreign Ownership, Control or Influence review, reauthorization of the Defense Production Act, and ongoing discussions regarding a framework agreement related to financing and construction of the proposed Ambler Access Project.

The proposed investment is intended to support development of the Arctic Project in Alaska's Ambler Mining District, which is described as one of North America's highest-grade undeveloped copper-zinc-lead-gold-silver deposits. Trilogy also highlighted recent progress in the federal permitting process, noting that the Arctic Project was accepted as a FAST-41 Covered Project in May 2026, establishing a formal permitting timetable and advancing the project alongside the proposed government investment. For more details, see the full press release at https://ibn.fm/sIAyI.

Trilogy 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, one of the richest and most-prospective known copper-dominant districts in the world. It hosts polymetallic VMS deposits containing 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 focused on two deposits: the Arctic VMS deposit and the Bornite carbonate replacement deposit, both located within a land package spanning approximately 190,929 hectares.

Ambler Metals has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation, providing a framework for 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. The extension of the closing date underscores the strategic importance of the Arctic Project and the continued commitment from the U.S. government to secure domestic sources of critical minerals. For the latest news and updates relating to TMQ, visit the company's newsroom at https://ibn.fm/TMQ.