Trilogy Metals fiscal 2025 net loss $42.2M vs $8.6M; U.S. government commits $17.8M

Trilogy Metals Inc.

Net loss of $42.2M ($0.26/share) driven by $22.6M non-cash derivative loss and $11.4M JV equity loss.
Cash balance $51.6M; fiscal 2025 G&A rose to $1.33M, professional fees to $2.06M from $0.92M in 2024.
U.S. Department of War commits $17.8M for 8.2M units at $2.17/unit; warrants exercisable after Ambler Road construction.
Ambler Metals JV 2026 budget $35M; mine permit submissions targeted in 2026, possibly via FAST-41.
AIDEA executed Right-of-Way permits for Ambler Access Road; U.S. government to help facilitate road financing.

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