PR Newswire·Sep 11, 2026, 4:43 PM ET

Trilogy Metals Closes US$35.6 Million Strategic Equity Investment by the U.S. Department of War

The U.S. Department of War completed a strategic equity investment totaling approximately US$35.6 million to acquire an approximate 10% stake in Trilogy Metals.
Funds from the investment are deployed to advance exploration & development of the Upper Kobuk Mineral Projects in northwestern Alaska.
The projects are operated by Ambler Metals, a 50/50 joint venture equally owned by Trilogy Metals & South32 Limited.
The Department of War committed to facilitating financing for the proposed 211-mile Ambler Road in coordination with the State of Alaska & AIDEA.
The transaction follows federal permitting milestones including a Clean Water Act Section 404 permit application filed in April 2026 & FAST-41 Covered Project acceptance in May 2026.
South32's beneficial ownership in Trilogy decreased from 10.7% to 6.0% as a result of the transaction.
Under the agreement, the Department of War holds a ten-year option to purchase 6,161,678 shares from South32 at US$0.01 per share.
The U.S. government investment aims to advance domestic copper supply from the Ambler Mining District, one of the world's richest copper-dominant districts.