Financial and Operational Highlights
Strong 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, OTC: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 Results
The 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
