Trilogy Metals closes US$35.6M strategic equity investment from U.S. Department of War

Trilogy Metals Inc.

U.S. Department of War invested ~US$35.6M, becoming ~10% shareholder; funds deployed to Ambler Metals for UKMP exploration in Alaska.
Trilogy sold 8,215,570 units at $2.17/unit (~$17.8M), each with 3/4 warrant exercisable at $0.01 for 10 years for 6,161,678 shares.
South32 reduced ownership from ~10.7% to ~6.0% (10,379,741 shares); DOW holds option to buy 6,161,678 shares from South32 at $0.01 for 10 years.
DOW committed to help facilitate financing for 211-mile Ambler Road with State of Alaska and AIDEA; Arctic Project milestones: Section 404 permit filed April 2026, FAST-41 acceptance May 15, 2026.

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