Trilogy Metals Inc. executed definitive agreements for a strategic equity investment of approximately $35.6 million from the United States Department of War to advance exploration and development of the Upper Kobuk Mineral Projects in Alaska. The transaction involves two components: an $17.8 million direct investment by the DOW in Trilogy Metals for 8,215,570 units at $2.17 per unit, and a concurrent $17.8 million payment to South32 Limited for 8,215,570 common shares held by South32. The DOW will hold approximately 10% of Trilogy Metals on a non-diluted basis upon closing, expected in September 2026. The investment includes governance rights such as one board director designation until October 2028 and restrictions on debt exceeding $1 billion. Trilogy Metals Inc. is a metal exploration and development company holding a 50 percent interest in Ambler Metals LLC.
