VANCOUVER, BC — February 17, 2026 — Leads & Copy — Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) has released its financial results for the year ending November 30, 2025, highlighting strategic priorities as it advances the Upper Kobuk Mineral Projects (“UKMP”) in northwestern Alaska.
The projects are held by Ambler Metals LLC, a 50/50 joint venture with South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY). Fiscal 2025 was a pivotal year for Trilogy, marked by a strategic investment commitment from the U.S. federal government, a strengthened balance sheet, and expanded leadership to support activities at Ambler Metals.
Trilogy’s audited consolidated financial statements and Management’s Discussion and Analysis are available in its Annual Report on Form 10‑K on the company website and on SEDAR+ and EDGAR. All amounts are in United States dollars unless otherwise stated.
As of November 30, 2025, Trilogy held a cash balance of $51.6 million, providing financial flexibility. A $17.8 million strategic investment commitment from the U.S. federal government reflects the importance of the UKMP to domestic critical mineral supply chains. The company has expanded senior leadership and advisory capacity to strengthen joint venture oversight and project execution.
A $35 million budget has been approved for the Ambler Metals joint venture for 2026, aligned with permitting and development milestones to advance the Arctic copper-silver-zinc-lead-gold deposit toward production. Mine permit submissions are targeted for 2026, potentially leveraging federal expedited programs such as FAST-41.
The Alaska Industrial Development and Export Authority (“AIDEA”) executed Right-of-Way permits for the Ambler Access Project (or “Ambler Road”), formally re-establishing the federal authorizations required to advance the road project connecting the UKMP to the Dalton Highway.
The U.S. government will work to facilitate financing for the construction of the Ambler Road, in coordination with the State of Alaska.
The Bornite camp is scheduled to open during the 2026 summer field season for geotechnical and exploration drilling.
According to Tony Giardini, President and CEO of Trilogy Metals, the U.S. federal government’s strategic investment commitment validates the long‑term value of the Upper Kobuk Mineral Projects and their potential role in supporting a North American supply of copper and other critical minerals.
For the year ended November 30, 2025, Trilogy reported a net loss of $42.2 million (or $0.26 basic and diluted loss per common share) compared to a net loss of $8.6 million (or $0.05 basic and diluted loss per common share) in fiscal 2024.
On October 6, 2025, Trilogy entered into a binding letter of intent with the U.S. Department of War for a conditional investment of approximately $17.8 million in exchange for 8,215,570 units at a price of $2.17 per unit, with each unit comprising of one common share of the Company and ¾ of a 10-year warrant. Each full warrant would be exercisable to acquire one Common Share at an exercise price of $0.01. The warrants would become exercisable following completion of construction of the Ambler Road. This transaction underscores growing U.S. government support for advancing responsible domestic sources of copper and other critical minerals, including zinc, silver, cobalt, and germanium.
The company has accounted for the U.S. government’s support as a derivative financial instrument under the ASC 815‑40 accounting standard. The Company recognized an initial liability of $8.2 million and a corresponding expense related to the government’s proposed collaboration agreement, which was contributed to Ambler Metals, and as at November 30, 2025, the Company increased the derivative by $22.6 million.
With mine permitting and project activity expected to accelerate at Ambler Metals, Trilogy has augmented its leadership and technical capabilities to support execution and oversight of the joint venture.
The 2026 work program represents a crucial 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.
Ambler Metals is targeting mine permit submissions in 2026, potentially leveraging federal expedited programs such as FAST-41. Engagement with local communities and regional stakeholders will remain a core focus.
A budget of approximately $35 million has been approved for Ambler Metals for fiscal 2026, of which Trilogy’s share is $17.5 million. The activities at Ambler Metals will focus on re-staffing, initiating the permitting process for the Arctic Project, and progressing technical work necessary to support long-term development.
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.
Richard Gosse, P.Geo., Vice President Exploration for Trilogy Metals Inc., is a Qualified Person as defined by National Instrument 43-101.
Trilogy Metals Inc. holds a 50% interest in Ambler Metals LLC, which owns 100% of the Upper Kobuk Mineral Projects in northwestern Alaska.
Source: Trilogy Metals Inc.
