Trilogy Metals reports positive PEA for Bornite copper project; pre-tax NPV $552M, IRR 23.6%

Trilogy Metals Inc.

PEA outlines 1.9B lbs copper over 17-year mine life at 6,000 tpd; after-tax NPV 8% $394M, IRR 20.0%.
Initial capex $503.8M, sustaining $363.1M, total $866.9M; all-in cost $3.35/lb Cu payable.
Project held 50/50 via Ambler Metals JV with South32; Trilogy's share is 50% of stated figures.
PEA assumes $4.20/lb copper; base case extends Upper Kobuk Mineral Projects mine life beyond 30 years.
Technical report will be filed on SEDAR+ and EDGAR within 45 days.

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