Trilogy Metals Inc. (NYSE American: TMQ) said discussions with the U.S. Department of War regarding a previously announced strategic equity investment of approximately $35.6 million remain ongoing, and a letter of intent signed in October 2025 is still in effect.

The investment is intended to advance exploration and development of the Upper Kobuk Mineral Projects in northwestern Alaska.

Trilogy Metals holds a 50% interest in Ambler Metals LLC, which has a 100% interest in the Upper Kobuk Mineral Projects. The projects are located within the Ambler Mining District and include the Arctic volcanogenic massive sulfide deposit and the Bornite carbonate replacement deposit, spanning approximately 190,929 hectares. South32 Limited holds the remaining 50% interest in Ambler Metals through a joint venture formed in December 2019.

The company noted that the proposed securities offering has not been registered under the U.S. Securities Act of 1933 and is being made in a transaction not involving a public offering.