Trilogy Metals Announces 2026 Program and Budget for Ambler Metals and the Corporate Budget for the Company
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News Release
Trilogy Metals Announces 2026 Program and Budget for Ambler
Metals and the Corporate Budget for the Company
December 17, 2025 – Vancouver, British Columbia – Trilogy Metals Inc. (NYSE American / TSX:
TMQ) (“Trilogy Metals”, “Trilogy” or “the Company”) is pleased to announce the program and budget
for Ambler Metals LLC, as well as the Company’s corporate budget for 2026, reflecting a year focused
on advancing the Ambler Mining District toward permitting, technical de -risking, and long -term
development. All amounts are in US dollars.
Ambler Metals LLC (“Ambler Metals”), the joint venture operating company equally owned by Trilogy
and South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (“South32”), has recently approved the 2026
program and budget totaling approximately $35 million for the advancement of the Upper Kobuk
Mineral Projects (“UKMP”) located in northwestern Alaska.
Advancing the Ambler Mining District in 2026
The 2026 work program represents a pivotal year of progress for the UKMP as Ambler Metals prepares
to initiate the mine permitting process for the Arctic Project, while continuing to advance the
technical and organizational foundations required for future development.
The joint venture is targeting mine permit submissions in 2026 , potentially leveraging federal
expedited programs such as FAST-41, subject to project readiness and continued engagement with
stakeholders. FAST-41 is a US federal framework designed to enhance coordination, transparency
and predictability for permitting critical infrastructure projects.
In parallel, Ambler Metals will advance engineering, environmental, and technical programs required
to support a future final investment decision for mine construction and operations.
Exploration, Drilling and Camp Activities
Exploration activities in 2026 will focus primarily on the Arctic Project, including geotechnical and
condemnation drilling to support mine design, infrastructure placement, and future production
planning. Ambler Metals will also be preparing the Bornite Project camp for ongoing exploration and
multi-year use . The joint venture plans to open the Bornite c amp during the 2026 summer field
season to conduct geotechnical and exploration drilling, along with general camp maintenance and
capital improvements to support future programs.
Building for the Next Phase
During 2026, Ambler Metals will re -establish an independent management team dedicated to
managing the next stages of advancement at the UKMP . Over the coming years, this team will focus
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on advancing permitting for the Arctic Project, completing technical programs , executing drill
campaigns critical for mine design and infrastructure planning as well as strengthening community
engagement, workforce development and local participation. Engagement with local communities
and regional stakeholders will remain a core element of the program, with continued emphasis on
transparent communication, consultation, and long-term workforce planning.
Ambler Access Project
Ambler Metals will continue to evaluate, through its existing arrangement with the Alaska Industrial
Development and Export Authority (“ AIDEA”), the potential for early-stage funding opportunities to
support advancement of the Ambler Access Project (also known as the Ambler Road) . The Ambler
Road is a proposed 211-mile, industrial-use-only road connecting the Ambler Mining District to the
Dalton Highway, intended to enable exploration and development at the UKMP.
Corporate Budget and Financial Position
Trilogy Metals has approved its 2026 corporate budget of approximately $5 million, primarily related
to public company compliance and oversight of its investment in Ambler Metals.
The Company maintains a strong cash position of over $50 million , providing funding for ongoing
operations and its share of future joint venture requirements. In October 2025, the Company utilized
its at-the-market program that was established in May 2025 (“May ATM Program”) and sold
3,513,495 common shares of the Company at an average price of $7.12 per share, generating gross
proceeds of approximately $25 million.
Additional funding is expected to be available to Ambler Metals following the closing of the previously
announced transaction with the US Department of War. On October 6, 2025, t he Company
announced a strategic investment by the US federal government of approximately $35.6 million to
support the development of critical mineral resources at the UKMP through transactions with Trilogy
Metals and South32. The transactions are anticipated to close in early 2026.
About Trilogy Metals
Trilogy Metals Inc. is a metal exploration and development company which holds a 50 percent
interest in Ambler Metals LLC, which has a 100 percent interest in the 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. 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 world -class polymetallic volcanogenic massive sulphide (“ 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’s vision is to develop the
Ambler Mining District into a premier North American copper producer while protecting and
respecting subsistence livelihoods.
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Company Contacts
Tony Giardini Elaine Sanders
President & Chief Executive Officer Vice President & Chief Financial Officer
Phone: 604-638-8088
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Cautionary Note Regarding Forward-Looking Statements
This 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 Pri vate Securities Litigation Reform Act of
1995. All statements, other than statements of historical fact, included herein, including, without
limitation, statements regarding Ambler Metals’ 2026 work program and budget, the Company’s 2026
budget, acceptance into the FAST-41 program, early-stage funding opportunities with AIDEA, the use
of proceeds of sales under the May ATM Program, and the closing of the transactions with the US
federal government 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 o f
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 interpre tation 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, 2024 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.