Corporate Genesis and Structural Framework

Trilogy Metals Inc. represents a significant entity within the North American mining landscape, specifically engineered to unlock the vast, high-grade polymetallic potential of the Ambler Mining District in Northwest Alaska.¹ The company’s origins are rooted in a strategic spin-out from NOVAGOLD Resources Inc. in April 2012, a move designed to provide shareholders with a pure-play exposure to the Upper Kobuk Mineral Projects (UKMP) while NOVAGOLD focused on its gold-dominant assets.³ This corporate evolution allowed Trilogy to establish an independent identity, listed on both the TSX and NYSE American under the ticker TMQ, and to cultivate a management team specifically tailored for the complexities of base metal development in arctic environments.³

The foundation of the company’s regional strategy is the 2011 long-term cooperative agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation that owns significant portions of the land within the district.¹ This agreement is not merely a land-use permit but a comprehensive partnership that aligns the company’s development goals with the social and economic interests of the local Indigenous communities.¹ By consolidating state, patented, and native lands into an approximately 471,796-acre package, Trilogy secured a 60-mile-long mineralized belt containing some of the richest known copper-dominant deposits in the world.³

A pivotal shift in the corporate structure occurred on February 11, 2020, with the formalization of a 50/50 joint venture with South32 Limited, a major global mining house.¹ Under this arrangement, Trilogy contributed its UKMP assets, while South32 contributed US$145 million in initial funding to the joint venture entity, Ambler Metals LLC.¹ This JV structure effectively de-risked the project for Trilogy’s shareholders by providing a clear path to funding feasibility studies, environmental permitting, and advanced exploration without the immediate necessity of highly dilutive public equity raises at the project level.⁷

The management of Ambler Metals is overseen by a four-member board with equal representation from both parent companies.⁷ This board includes high-level executives such as Simon Collins, Chief Development Officer of South32, and Pat Risner, President of the Hermosa Project, alongside Trilogy’s nominees.⁷ This institutional depth ensures that the UKMP benefits from global technical expertise in safety, environmental management, and complex project engineering.⁷

In late 2025, the corporate profile of Trilogy Metals underwent another profound transformation through a strategic partnership with the United States federal government.⁹ The U.S. Department of War (DOW), led by the Office of Strategic Capital and the Office of the Undersecretary of Defense for Acquisitions and Sustainment, entered into a binding agreement to take an equity stake in the company.⁹ This investment, totaling approximately US$35.6 million, includes both a direct investment in Trilogy and the acquisition of shares from South32, resulting in the U.S. government holding a 10% ownership interest.⁹

Ownership Entity	Stake in Trilogy Metals (Estimated Post-Transaction)	Stake in Ambler Metals LLC	Source
Trilogy Metals Inc. (TMQ)	Publicly Traded	50%	7
South32 Limited (S32)	Major Shareholder in TMQ	50%	7
U.S. Department of War	10% Shareholder in TMQ	Indirect via TMQ	10
Institutional & Retail Investors	Remaining Balance	Indirect via TMQ	4

The presence of the U.S. government as a strategic shareholder reframes the company from a traditional junior mining explorer into a critical infrastructure and national security asset.¹¹ This shift is particularly relevant given the geopolitical imperative to secure domestic supply chains for metals essential to advanced manufacturing, defense, and the green energy transition.¹¹

Major Businesses: The Upper Kobuk Mineral Projects (UKMP)

Trilogy Metals’ primary business activity is the exploration and development of the UKMP, which comprises two major deposits—Arctic and Bornite—and a series of high-potential regional prospects.¹ These projects are situated in the Ambler Mining District, a region that has been the subject of exploration since local prospectors first identified outcropping mineralization in the late 1940s.³

The Arctic Project: A Premier VMS Deposit

The Arctic Project is the most advanced asset within the portfolio, currently in the feasibility stage.³ It is a volcanogenic massive sulphide (VMS) deposit, a type of mineralization known for high metal grades and polymetallic character.³ Arctic is hosted within the Devonian Ambler Schist Belt and is notable for its concentration of copper, zinc, lead, gold, and silver.³

The 2023 Feasibility Study (FS) outlines a project with exceptional economic metrics, driven largely by its head grades, which are significantly higher than typical copper-dominant mines worldwide.³ The study envisions a conventional open-pit mine with a 10,000 tonne-per-day processing capacity.³ The metallurgical process will employ standard milling and flotation techniques to produce three separate high-quality concentrates: copper, zinc, and lead.³

Metal Category	Average Annual Payable Production (LOM)	Recovery Rate (Projected)	Source
Copper	149 Million lbs	92.1%	3
Zinc	173 Million lbs	88.5%	3
Lead	26 Million lbs	61.3%	3
Gold	32,538 oz	N/A	3
Silver	2.8 Million oz	N/A	3

The project’s 13-year life-of-mine (LOM) is expected to yield approximately 1.9 billion pounds of copper and 2.2 billion pounds of zinc, positioning it as a major contributor to the North American base metal supply.³ The economic analysis indicates an after-tax Net Present Value ($NPV_{8\%}$) of US$1.1 billion and an Internal Rate of Return (IRR) of 22.8% based on conservative long-term metal prices, such as copper at US$3.65/lb.³ These figures scale significantly with higher commodity prices, illustrating the project’s leverage to the metal markets.³

The Bornite Project: Scalable Copper-Cobalt Resource

While Arctic provides the immediate development path, the Bornite Project represents the district’s long-term scalability and strategic importance in the cobalt sector.¹¹ Located approximately 25 kilometers from Arctic, Bornite is a carbonate-hosted copper-cobalt deposit.¹⁵ It is geologically distinct from Arctic, hosted within the Devonian Bornite carbonate sequence, characterized by hydrothermal dolomitization and copper mineralization appearing as stringers, veinlets, and breccia fillings.³

The January 2025 Preliminary Economic Assessment (PEA) for Bornite proposes a 6,000 tonne-per-day underground mining operation with a 17-year mine life.³ A key strategic element of the Bornite development plan is the re-purposing of the infrastructure built for the Arctic Project.³ By utilizing the Arctic processing plant, tailings facilities, and road access after the Arctic deposit is depleted, the capital efficiency of Bornite is markedly improved.³

Bornite Project Resource Category	Tonnes (Millions)	Copper Grade (%)	Contained Copper (Mlbs)	Source
In-Pit Inferred	170.4	1.15%	4,303	3
Underground South Reef (Inferred)	27.5	2.78%	1,687	3
Underground Ruby Zone (Inferred)	10.4	2.28%	521	3
Total Inferred Resource	208.9	1.42%	6,527	3

Bornite’s cobalt mineralization is a critical component of its value proposition.¹¹ Cobalt is found within cobaltiferous pyrite and sulphides such as carrollite and cobaltite.¹⁵ This makes Bornite one of the few significant potential sources of domestic cobalt in the United States, a metal currently dominated by supply from the Democratic Republic of the Congo and processing in China.¹¹

Regional Exploration and District Upside

Trilogy Metals and its partner South32 are not merely developing two mines; they are opening a new mining district.³ The UKMP land package hosts several other prospects that are geologically similar to Arctic and Bornite.³

• Sunshine: A high-grade VMS prospect located along the Ambler Schist Belt that has shown promising historical drilling results.³
• Snow and Sunshine: Part of the satellite portfolio that offers potential for supplemental ore feed to a centralized Arctic processing facility.³
• Carbonate Sequence Targets: Additional regional exploration targets aimed at finding repetitions of the Bornite-style mineralization.³

The 2026 exploration budget includes approximately US$35 million, focusing on geotechnical drilling at Arctic and reopening the Bornite camp for sustained district-wide exploration.⁸ This commitment to exploration reflects a strategy of “resource replacement,” ensuring that the Ambler District remains an active producer for decades beyond the initial life-of-mine projections.³

Revenue Structure and Financial Position

Trilogy Metals is currently categorized as an exploration and development stage company, which means it does not yet generate revenue from active mining operations.¹³ Its financial model is characterized by capital consumption directed toward technical studies, permitting, and exploration, with the ultimate goal of transitioning into a cash-flow-generating producer.¹³

The Joint Venture Funding Mechanism

The primary source of funding for project-level activities is the joint venture with South32.¹ The original US$145 million contribution from South32 has served as the engine for advancing the Arctic Feasibility Study and the Bornite PEA.³ Because Ambler Metals is a 50/50 partnership, future large-scale capital requirements for mine construction will likely be shared between the partners, potentially through a combination of project debt, equity contributions, and government-facilitated infrastructure financing.⁷

Corporate-Level Financing and ATM Programs

To maintain its corporate operations and fund its portion of regional exploration or technical work not covered by the JV, Trilogy utilizes the public equity markets.⁶ A key tool in this regard is the At-The-Market (ATM) equity distribution program.⁶

On November 7, 2025, Trilogy entered into a distribution agreement allowing for the issuance of up to US$200 million in common shares over a three-year period.⁶ Unlike traditional bought-deal financings, the ATM program allows the company to sell shares incrementally at prevailing market prices on the NYSE American.⁶ This approach provides the company with the flexibility to raise capital during periods of share price strength while minimizing the market impact of large block sales.⁶

Strategic Federal Investment (DOW)

The US$35.6 million investment from the U.S. Department of War announced in October 2025 provides a significant cash injection and a unique endorsement of the company’s value.⁹

Investment Component	Value (US$)	Mechanism	Source
Direct Investment in TMQ	US$17.8 Million	8.2M Units (Share + 3/4 Warrant)	9
Secondary Purchase from S32	US$17.8 Million	Purchase of 8.2M existing shares	9
Reinvestment by South32	US$17.8 Million	Proceeds from sale put back into Ambler Metals	11
Total Strategic Capital	US$35.6 Million	Combined Federal and JV Funding	9

This capital is earmarked for the development of critical mineral resources, further insulating the company from the vagaries of the retail investment market and providing a robust treasury as it enters the expensive permitting and pre-construction phase.¹¹ As of early 2026, the company’s cash position exceeds US$50 million, providing a multi-year runway for its corporate and technical objectives.¹⁷

Growth Strategies: The Path to Production

Trilogy Metals’ growth strategy is built upon three pillars: permitting excellence, infrastructure development, and resource expansion.⁸

Permitting and the FAST-41 Initiative

The year 2026 has been designated as a “pivotal year of progress” focused on initiating the formal mine permitting process for the Arctic Project.⁸ The company intends to leverage the FAST-41 federal framework, a program created to improve the coordination and predictability of environmental reviews for major infrastructure and critical mineral projects.⁸

By utilizing FAST-41, Ambler Metals aims to avoid the “permitting gauntlet” that has historically delayed American mining projects for decades.¹⁷ This strategy involves high levels of transparency, early engagement with federal agencies such as the BLM and EPA, and a commitment to meeting rigorous environmental standards from the outset.⁸ The goal is to transform Arctic from an “aspirational deposit” into a “permitted mining operation” with a clear timeline for a Final Investment Decision (FID).¹⁶

Infrastructure: The Ambler Access Project (AAP)

The successful development of the Ambler Mining District is inextricably linked to the construction of the Ambler Access Project (the Ambler Road).¹¹ This 211-mile, industrial-use-only road is designed to connect the district to the existing Dalton Highway, enabling the transport of fuel, equipment, and mineral concentrates.⁸

The company’s strategy involves working closely with the Alaska Industrial Development and Export Authority (AIDEA), the state agency leading the road project.⁸ The restoration of federal Right-of-Way (ROW) permits in October 2025, following a presidential directive, was a massive catalyst for this strategy.¹⁴ With these permits in hand, the focus shifts to detailed engineering and securing the estimated US$350 million to US$1 billion required for construction.²⁰ The Department of War’s commitment to help facilitate road financing is a critical element of this strategy, potentially providing the necessary guarantees to unlock low-cost institutional capital.⁹

Resource Expansion and Long-Term Scalability

The growth strategy extends beyond the first 13 years of Arctic’s life.³ The Bornite Project and regional exploration are intended to create a multi-generational mining hub.³

1. Arctic Satellite Development: Utilizing the centralized infrastructure to bring smaller, high-grade VMS deposits (like Sunshine) into production.³
2. Bornite Underground Optimization: Refining the PEA to maximize the recovery of copper and cobalt, potentially moving Bornite into the pre-feasibility stage in the late 2020s.³
3. District-Scale Drilling: Applying modern geophysical techniques and high-density drilling to identify new “blind” deposits that do not outcrop at the surface.³

The 2026 program includes geotechnical and condemnation drilling at Arctic, which is essential for ensuring that the future mine infrastructure is placed on non-mineralized ground and that the pit walls are engineered for maximum safety and efficiency.⁸

Opportunity Factors: The Investment Narrative

The investment case for Trilogy Metals is supported by several powerful macro and micro trends that suggest significant upside potential as the projects move toward production.⁵

Critical Mineral Demand and the AI Revolution

Copper and zinc are fundamental to the global transition toward a “Greener Future”.² Copper, in particular, is essential for electric vehicle (EV) batteries, charging infrastructure, and the expansion of electrical grids.¹ Furthermore, the recent explosion in demand for Artificial Intelligence (AI) has created a secondary surge in copper requirements for the massive data centers and high-performance computing clusters that power AI models.¹⁴

Metal	Primary Use Case (Future Demand)	Strategic Role	Source
Copper	EV Motors, Electrical Grid, AI Data Centers	Energy Transition & Tech	2
Zinc	Galvanizing Steel, Energy Storage Systems	Infrastructure Durability	2
Cobalt	Lithium-ion Batteries, Aerospace, Defense	National Security	11
Silver	Solar Panels, Electronics	Renewable Energy	2

Trilogy Metals offers investors rare exposure to all these metals within a single district.¹ The high-grade nature of the Arctic deposit (over 4% copper equivalent) ensures that the project can remain profitable even in lower-commodity-price environments, providing a competitive advantage over lower-grade producers.³

Geopolitical Stability and Domestic Supply Chains

In an era of rising resource nationalism and supply chain fragility, the location of the UKMP in Alaska is a significant asset.⁵ Alaska is a tier-one mining jurisdiction, ranked 11th globally for investment attractiveness by the Fraser Institute.⁵ The United States has recognized that its dependence on foreign sources for critical minerals is a vulnerability.⁹

The direct investment by the U.S. Department of War and the use of the Defense Production Act mechanisms signal that the federal government is committed to seeing the Ambler Mining District succeed.⁹ This institutional support mitigates one of the primary risks for junior miners: the “permitting trap” where projects are stalled indefinitely by administrative inertia.¹³

The “Blue-Sky” Exploration Potential

The Ambler Mining District is often compared to other world-class VMS belts, such as the Kidd Creek district in Canada or the Iberian Pyrite Belt.³ To date, only a small fraction of the 471,796-acre land package has been explored with modern techniques.³ The possibility of discovering another “Arctic-sized” deposit within the belt remains high.³ For shareholders, this represents “blue-sky” upside—value that is not currently reflected in the company’s NPV calculations for Arctic and Bornite.¹

Challenges and Risk Matrix

While the opportunities are significant, the development of the Ambler Mining District faces several formidable obstacles that must be successfully navigated.¹³

Legal and Environmental Opposition

The Ambler Access Project has been the target of intense litigation from environmental groups and some tribal entities.²¹ Concerns center on the potential impact of a 211-mile industrial road on caribou migration patterns and salmon spawning rivers.²⁰ While the Trump administration has re-issued the permits, lawsuits in the U.S. District Court remain active.²⁰ These legal battles can create delays that extend project timelines and increase costs.¹³

Alaska Native Corporation Dynamics

The proposed road route passes through lands owned by Doyon, Limited and NANA Regional Corporation.²⁰ While Trilogy has a strong partnership with NANA regarding the mineral claims, the road corridor itself is a more sensitive issue.²⁰ NANA has previously stated that its support for the road is conditional upon strict criteria regarding subsistence protection and shareholder benefits.²⁰ If AIDEA and the mining companies cannot reach a lasting agreement with these landowning corporations, the road project could face further administrative blocks.²⁰

Construction and Logistical Risks

Building a major industrial road and two large-scale mines in the Alaskan wilderness is a daunting task.²⁰ The remote location means that all supplies must be brought in during a limited seasonal window.¹⁶ High inflation in the construction sector and the potential for cost overruns on the Ambler Road could strain the project’s economics.²⁰ Furthermore, the recruitment of a skilled workforce to operate in such a remote environment remains a challenge.⁸

Financial and Market Risks

As an exploration-stage company with no current revenue, Trilogy is dependent on the capital markets.¹³ If commodity prices were to experience a prolonged downturn, the ability to raise the US$1.1 billion required for Arctic’s initial capital could be compromised.³ Additionally, the use of ATM programs, while efficient, results in shareholder dilution, which can weigh on the share price if not balanced by significant technical or regulatory milestones.⁶

Operational Governance and Stakeholder Management

The success of Trilogy Metals is underpinned by a governance structure that prioritizes technical expertise and community alignment.¹

Executive Leadership Profile

Trilogy’s leadership team possesses a track record of taking large-scale projects through the development cycle.²⁵

• Tony Giardini (President & CEO): His background as President of Ivanhoe Mines and CFO of Kinross Gold provides the high-level financial and strategic perspective necessary for negotiating with major partners and government agencies.⁵
• Elaine Sanders (CFO): With over 25 years in audit and finance, she manages the complex financial reporting and compliance requirements of a dual-listed (TSX/NYSE) company.⁷
• Richard Gosse (VP Exploration): His experience at the Oyu Tolgoi project in Mongolia—one of the world’s largest copper-gold mines—is directly applicable to the district-scale exploration goals of the UKMP.²⁵

The Ambler Metals Board and JV Management

The operational management of the projects is conducted through Ambler Metals LLC, which is transitioning in 2026 from an interim management structure to a permanent, Alaska-based team.⁷ This move is intended to strengthen local ties and ensure that the day-to-day project management is integrated into the Alaskan business community.⁸ The presence of Jim Gowans on the board, who oversaw the construction of the Red Dog Mine, provides the “been-there, done-that” experience essential for arctic mine building.⁷

Environmental and Social Responsibility (ESG)

Trilogy Metals adheres to a mission of developing the Ambler Mining District in a safe and environmentally responsible manner.¹ The company’s ESG strategy involves:

• Subsistence Protection: Working with NANA to ensure that caribou migration and fish habitats are protected through rigorous monitoring and adaptive management.¹
• Workforce Development: Prioritizing the hiring of NANA shareholders and residents of the Northwest Arctic Borough to ensure that the economic benefits of the mines remain in the region.⁸
• Transparent Communication: Maintaining constant engagement with the 11 villages in the region to address concerns regarding the road and mine impacts.¹

Summary of 2026 Strategic Targets

The following table summarizes the key milestones and budget allocations for the 2026 fiscal year, which represents the start of the “Permitting Era” for the company.⁸

Target Area	Primary Objective	Key Actions	Budget Allocation (Approx.)
Arctic Mine Permitting	Initiate FAST-41 Process	Submit mine permit applications; engage with BLM/EPA	Integrated in JV Budget
Technical De-risking	Finalize Mine Design	Geotechnical and condemnation drilling at Arctic	Part of US$35M Program
Infrastructure	Advance Ambler Road (AAP)	Detailed engineering; funding framework with AIDEA	Joint Arrangement
Regional Exploration	Bornite Expansion	Reopen Bornite camp; summer drilling season	Part of US$35M Program
Corporate Funding	Maintain Liquidity	Close DOW investment; manage ATM program	US$200M ATM Capacity

The achievement of these targets would mark a historic transition for Trilogy Metals, moving the Arctic Project from a “top-tier resource” to a “near-term producer”.⁸

Conclusion: Synthesis of the Strategic Outlook

Trilogy Metals Inc. occupies a singular position in the global mining sector as the gatekeeper to a new, high-grade polymetallic district in a secure North American jurisdiction.¹ The company’s strategy of leveraging a major partner (South32), a regional Indigenous partner (NANA), and now a federal government partner (U.S. Department of War) has created a robust framework for overcoming the significant logistical and regulatory hurdles inherent in Alaskan development.¹

The geological value of the Arctic and Bornite deposits is indisputable, with metal grades and scale that place them among the best undeveloped projects globally.³ However, the ultimate realization of this value remains contingent upon the successful construction of the Ambler Access Project.¹¹ The favorable political tailwinds in early 2026, including the presidential directive and federal equity investment, suggest that the “if” of the road is increasingly becoming a “when”.¹³

For institutional and retail investors, Trilogy Metals offers a high-leverage play on the future of copper, zinc, and cobalt.² As the company enters the permitting phase in 2026, the potential for valuation re-rating is high, particularly as the “permitting risk discount” is removed through the achievement of FAST-41 milestones.⁸ Nevertheless, the persistent threat of litigation and the complexities of tribal land ownership remain key variables that require diligent monitoring.²⁰

---

This report is provided for informational purposes only and does not constitute a solicitation or recommendation to buy or sell securities. The information contained herein is based on publicly available sources and research materials. Mining investments carry substantial risks, including the total loss of capital. Investors should conduct their own due diligence and consult with a professional financial advisor before making any investment decisions.

Works cited

1. Our Company – Trilogy Metals Inc., accessed January 12, 2026, https://trilogymetals.com/about-us/our-company/
2. Trilogy Metals Inc. | Home, accessed January 12, 2026, https://trilogymetals.com/
3. Overview – Trilogy Metals Inc., accessed January 12, 2026, https://trilogymetals.com/properties/overview/
4. Investor Centre – Trilogy Metals Inc., accessed January 12, 2026, https://trilogymetals.com/investors/investor-centre/
5. Why Invest – Trilogy Metals Inc., accessed January 12, 2026, https://trilogymetals.com/investors/why-invest/
6. Trilogy Metals Enters Into At-The-Market Equity Distribution Agreement, accessed January 12, 2026, https://trilogymetals.com/news-and-media/news/trilogy-metals-enters-into-at-the-market-equity-distribution-agreement-nov7-2025/
7. Trilogy Metals Announces the Completion of the Joint Venture Formation with South32 Limited – Ambler Metals LLC, accessed January 12, 2026, https://trilogymetals.com/news-and-media/news/trilogy-metals-announces-the-completion-of-the-joint-venture-formation-with-south32-limited-ambler-metals-llc/
8. Trilogy Metals Announces 2026 Program and Budget for Ambler Metals and the Corporate Budget for the Company – PR Newswire, accessed January 12, 2026, https://www.prnewswire.com/news-releases/trilogy-metals-announces-2026-program-and-budget-for-ambler-metals-and-the-corporate-budget-for-the-company-302644168.html
9. Trilogy Metals Announces Strategic Investment by US Federal Government, accessed January 12, 2026, https://trilogymetals.com/news-and-media/news/trilogy-metals-announces-strategic-investment-by-us-federal-government/
10. Ambler Metals Statement on Strategic Partnership with U.S. Department of War to Strengthen America’s Critical Mineral Supply Chain, accessed January 12, 2026, https://www.amblermetals.com/press-release/ambler-metals-statement-on-strategic-partnership-with-us-department-of-war-to-strengthen-americas-critical-mineral-supply-chain
11. South32 and US Government Forge Strategic Ambler Exploration Partnership, accessed January 12, 2026, https://discoveryalert.com.au/south32-us-government-ambler-mining-2025-strategy/
12. Trilogy Metals Enters Into At-The-Market Equity Distribution Agreement – PR Newswire, accessed January 12, 2026, https://www.prnewswire.com/news-releases/trilogy-metals-enters-into-at-the-market-equity-distribution-agreement-302609176.html
13. Trilogy Metals (TSX:TMQ) Is Up 14.8% After US Backs Ambler Road Access Project, accessed January 12, 2026, https://simplywall.st/stocks/ca/materials/tsx-tmq/trilogy-metals-shares/news/trilogy-metals-tsxtmq-is-up-148-after-us-backs-ambler-road-a
14. Trilogy Metals Provides Update on the Issuance … – Trilogy Metals Inc., accessed January 12, 2026, https://trilogymetals.com/news-and-media/news/trilogy-metals-provides-update-on-the-issuance-of-federal-right-of-way-permits-for-the-ambler-access-project-in-alaska/
15. Bornite – Trilogy Metals Inc., accessed January 12, 2026, https://trilogymetals.com/properties/bornite/
16. Trilogy Metals Announces 2026 Program and Budget for Ambler Metals and the Corporate Budget for the Company, accessed January 12, 2026, https://trilogymetals.com/news-and-media/news/trilogy-metals-announces-dec-17-2025/
17. Permitting Advances at Trilogy Metals Inc.’s (NYSE American: TMQ) (TSX: TMQ) Arctic Project in Alaska’s Ambler Mining District as 2026 Budget Targets Critical Milestone Year – StreetInsider, accessed January 12, 2026, https://www.streetinsider.com/Investor+Brand+Network/Permitting+Advances+at+Trilogy+Metals+Inc.%E2%80%99s+%28NYSE+American%3A+TMQ%29+%28TSX%3A+TMQ%29+Arctic+Project+in+Alaska%E2%80%99s+Ambler+Mining+District+as+2026+Budget+Targets+Critical+Milestone+Year/25831040.html
18. south32-media-release—south32-backs-u-s-government-move-to-advance-critical-minerals-in-alaska.pdf, accessed January 12, 2026, https://www.south32.net/docs/default-source/media-releases/south32-media-release—south32-backs-u-s-government-move-to-advance-critical-minerals-in-alaska.pdf?sfvrsn=aa977641_1
19. Arctic Project – Alaska Division of Mining, Land, and Water, accessed January 12, 2026, https://dnr.alaska.gov/mlw/mining/large-mines/arctic/
20. Trump has given new life to the Ambler Road. But it’s still not a sure thing. – Northern Journal, accessed January 12, 2026, https://www.northernjournal.com/trump-has-given-new-life-to-the-ambler-road-but-its-still-not-a-sure-thing/
21. Residents alarmed over impacts of controversial road project: ‘We’re losing our community’, accessed January 12, 2026, https://www.thecooldown.com/outdoors/ambler-road-project-jobs-alaska-trump/
22. Ambler Road Supplemental Environmental Impact Statement Final Scoping Summary Report – BLM National NEPA Register, accessed January 12, 2026, https://eplanning.blm.gov/public_projects/57323/200091317/20078230/250084412/Ambler_Scoping_Report_FINAL_508.pdf
23. Presidential Order Reverses Ambler Roadblock – Alaska Business Magazine, accessed January 12, 2026, https://www.akbizmag.com/industry/government/presidential-order-reverses-ambler-roadblock/
24. Federal Laws and Litigation Report, accessed January 12, 2026, https://law.alaska.gov/pdf/admin/FederalIssues.pdf
25. Management – Trilogy Metals Inc., accessed January 12, 2026, https://trilogymetals.com/about-us/management/