---
schema_version: "secwatch.filing_event.v1"
accession: "0001279569-25-000038"
form_type: "8-K"
ticker: "TMQ"
cik: "0001543418"
company_name: "Trilogy Metals Inc."
filed_at: "2025-01-15T23:59:59+00:00"
generated_at: "2026-05-28T01:05:17.604598+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001279569-25-000038
- form_type: 8-K
- ticker: TMQ
- cik: 0001543418
- company_name: Trilogy Metals Inc.
- filed_at: 2025-01-15T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1543418/000127956925000038/0001279569-25-000038-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1543418/000127956925000038/form8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001279569-25-000038
- JSON: https://secwatch.observer/filing/0001279569-25-000038.json
- Plain text: https://secwatch.observer/filing/0001279569-25-000038.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.