Trilogy Metals reported a net loss of $7.1 million for the quarter ended February 28, 2026, compared with $3.6 million a year earlier, driven by a $1.5 million mark-to-market adjustment, increased stock-based compensation, and higher equity investment losses. The company held $47.8 million in cash and equivalents, supporting operational flexibility.

A binding letter of intent secures up to $35.6 million from the U.S. Department of War, with $17.8 million allocated for acquisition of common shares and warrants from Trilogy Metals and $17.8 million for South32. Investment is subject to regulatory and closing conditions, underscoring federal support for domestic critical mineral supply chains.

The Ambler Metals joint venture expanded its senior management team with four new appointments to accelerate the 2026 work program and permitting activities. Federal actions opened 2.1 million acres for mineral entry along the Ambler Road corridor, and the Interior Secretary signaled potential White House participation in road financing, de-risking infrastructure access. Preparations are underway for geotechnical drilling and the multi-year exploration camp at Bornite under the fully funded $35 million field program.