Trilogy Metals Inc. (NYSE American: TMQ) reported a net loss of $6.3 million for the three months ended May 31, 2026, compared with a net loss of $2.2 million for the same period a year earlier, according to a company press release.

The wider loss was driven primarily by a $2.3 million mark-to-market fair value adjustment on a derivative liability related to the company's obligation to issue shares and warrants to the U.S. Department of War, as well as a higher share of losses from its joint venture, Ambler Metals LLC. For the six-month period ended May 31, 2026, the net loss totaled $13.4 million, up from $5.8 million in the prior-year period.

The company held $38.8 million in cash and cash equivalents as of May 31, 2026, with adjusted working capital of $38.3 million.

On May 15, 2026, the company's Arctic copper-zinc-lead-gold-silver project in northwestern Alaska was accepted as a covered project under the FAST-41 federal permitting program, placing it on the Federal Permitting Dashboard with a coordinated review schedule ahead of the National Environmental Policy Act process. In April 2026, Ambler Metals filed a Clean Water Act Section 404 permit application with the U.S. Army Corps of Engineers.

The company also announced a second amendment to its strategic investment letter of intent with the Department of War, extending the deadline for completing the approximately $35.6 million transaction from May 31, 2026 to July 31, 2026. The investment would give the Department of War approximately 10% of Trilogy Metals' outstanding common shares upon closing.

A 2026 summer field program at the Upper Kobuk Mineral Projects commenced in June, featuring two diamond drill rigs and approximately 40 planned drill holes totaling at least 5,400 meters. Ron Rimelman was appointed President of Ambler Metals to lead the joint venture through permitting and development.

Trilogy Metals holds a 50% interest in Ambler Metals, which owns the Upper Kobuk Mineral Projects in northwestern Alaska.