Trilogy Metals Announces Commencement of Permitting for High-Grade Arctic Copper-Zinc-Lead-Gold-Silver Project in Alaska Fully Funded Exploration and Development Field Program by Ambler Metals Anticipated to Commence in May
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News Release
Trilogy Metals Announces Commencement of Permitting for
High-Grade Arctic Copper-Zinc-Lead-Gold-Silver Project
in Alaska
Fully Funded Exploration and Development Field Program by
Ambler Metals Anticipated to Commence in May
Independent Economic Impact Study Highlights Arctic’s
Substantial Benefits to Alaska and the Northwest Arctic Region
All amounts are in United States dollars unless otherwise stated.
April 2 1, 2026 – Vancouver, British Columbia – Trilogy Metals Inc. ( NYSE American / 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 equivalent12, 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-
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.
NYSE American / TSX
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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 review s 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. Per haps 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."
3 AMBLER MINING DISTRICT Economic Impact Analysis, November 2024, prepared by McKinley Research
Group, LLC.
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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 2027
Ambler 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 life45 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.
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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Figure 1: The Arctic and Bornite deposits within the Upper Kobuk Mineral Projects area that
spans 190,929 hectares (471,796 acres).
Independent Economic Impact Study Highlights Arctic’s Substantial Benefits to
Alaska and the Northwest Arctic Region
An 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 eff ects, 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.
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• NANA shareholder hire s 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 alte rnatively 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 o utcomes will
depend on, among other things, permitting timelines, final investment decisions, and metals price
realizations, and may differ materially from the estimates presented.
Qualified Persons
Richard 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 Metals
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 which is one of the ri chest and most -prospective known copper-
dominant districts in the world. It hosts polymetallic VMS deposits that contain copper, zinc, lead,
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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.
Company Contact
Matthew Keevil
Vice President, Investor Relations and Business Development
Phone: +1 604 638 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 Pr ivate 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 acc urate, 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 Canadia n 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.