Trilogy Metals Reports FY2025 Results and Advances Alaska UKMP Projects
Trilogy Metals Inc. (“Trilogy Metals” or the “Company”) has released its financial results for the fiscal year ended November 30, 2025, and provided an update on its strategic objectives as it continues to advance the Upper Kobuk Mineral Projects (“UKMP”) in northwestern Alaska. These projects are operated through Ambler Metals LLC, Trilogy’s 50/50 joint venture with South32 Limited (“South32”).
Fiscal 2025 was a transformative year for Trilogy, marked by a strategic investment commitment from the U.S. federal government, a strengthened financial position, and the expansion of leadership and advisory resources to support permitting and development efforts at Ambler Metals.
Trilogy’s audited consolidated financial statements and Management’s Discussion and Analysis are included in its Annual Report on Form 10-K, available on the Company’s website at www.trilogymetals.com, as well as on SEDAR+ and EDGAR. All figures are reported in U.S. dollars unless otherwise noted.
Fiscal 2025 was a transformative year for Trilogy, marked by a strategic investment commitment from the U.S. federal government, a strengthened financial position, and the expansion of leadership and advisory resources to support permitting and development efforts at Ambler Metals.
Trilogy’s audited consolidated financial statements and Management’s Discussion and Analysis are included in its Annual Report on Form 10-K, available on the Company’s website at www.trilogymetals.com, as well as on SEDAR+ and EDGAR. All figures are reported in U.S. dollars unless otherwise noted.
Financial and Operational Highlights
- Cash and cash equivalents totaled $51.6 million as of November 30, 2025, providing the Company with strong financial flexibility.
- The Company secured a $17.8 million strategic investment commitment from the U.S. federal government, underscoring the importance of the UKMP to domestic critical mineral supply chains.
- Senior leadership and advisory teams were expanded to enhance oversight of the joint venture and support project execution.
- A $35 million budget for the Ambler Metals joint venture was approved for 2026, aligned with key permitting and development milestones. Mine permit applications are targeted for submission in 2026, with potential use of federal expedited permitting programs such as FAST-41.
- The Alaska Industrial Development and Export Authority (“AIDEA”) issued Right-of-Way permits for the Ambler Access Project (“Ambler Road”), reinstating federal authorizations required to advance the road linking the UKMP to the Dalton Highway.
- The U.S. government has committed to working collaboratively with the State of Alaska to help facilitate financing for the Ambler Road.
- The Company plans to reopen the Bornite camp during the 2026 summer field season to conduct geotechnical and exploration drilling programs.
Tony Giardini, President and CEO of Trilogy Metals, stated that fiscal 2025 represented a significant milestone for the Company, with a stronger financial foundation and increased alignment with U.S. federal and state stakeholders focused on strengthening domestic critical mineral supply chains. He noted that the federal government’s strategic investment commitment validates the long-term potential of the UKMP and its role in supporting a reliable North American supply of copper and other essential minerals.
Giardini added that Trilogy concluded the year with a solid cash position and enhanced leadership, advisory, and technical capabilities to support expanded permitting and project development activities at Ambler Metals. With a fully funded exploration, development, and permitting program for 2026, the Company is focused on executing its plans and advancing the UKMP through key development stages in collaboration with partners, regulators, and local communities.
Giardini added that Trilogy concluded the year with a solid cash position and enhanced leadership, advisory, and technical capabilities to support expanded permitting and project development activities at Ambler Metals. With a fully funded exploration, development, and permitting program for 2026, the Company is focused on executing its plans and advancing the UKMP through key development stages in collaboration with partners, regulators, and local communities.
Companies