Trilogy Metals Inc. (TMQ): Business Model Canvas

Eingebettet in die ressourcenreiche arktische Landschaft entwickelt sich Trilogy Metals Inc. (TMQ) zu einem bahnbrechenden Mineralexplorationsunternehmen mit einer strategischen Vision, die anspruchsvolles geologisches Gelände in potenzielle wirtschaftliche Chancen umwandelt. Durch den Einsatz ausgefeilter Explorationstechniken, strategischer Partnerschaften und einem tiefen Verständnis des Mineralpotenzials der Arktis positioniert sich das Unternehmen an der Spitze der Kupfer- und Zinkressourcenentwicklung und verspricht Investoren einen einzigartigen Weg in eine der unerforschtesten und geologisch vielversprechendsten Regionen der Welt.

Trilogy Metals Inc. (TMQ) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit der NANA Regional Corporation

Trilogy Metals unterhält eine strategische Partnerschaft mit der NANA Regional Corporation, einem regionalen Unternehmen der Alaska-Ureinwohner, das das Volk der Iñupiat im Nordwesten Alaskas vertritt. Die Partnerschaft umfasst die Obere Kobuk-Mineralprojekte (UKMP).

Einzelheiten zur Partnerschaft	Besonderheiten
Landzugangsvereinbarung	Nordwest-Alaska-Region mit einer Fläche von etwa 146.600 Acres
Eigentumsanteil	NANA besitzt 15,7 % des UKMP-Projekts

Joint Venture mit South32

Trilogy Metals hat eine bedeutende Joint-Venture-Vereinbarung mit South32 zur Projektentwicklung in der Arktis.

• South32 erwarb 2017 eine 50-prozentige Beteiligung an den Upper Kobuk Mineral Projects
• Investition von 145 Millionen US-Dollar, um die 50-prozentige Projektbeteiligung zu erwerben
• Gemeinsame Exploration und Entwicklung des arktischen Kupfer-Zink-Blei-Gold-Silber-Projekts

Zusammenarbeit mit lokalen indigenen Gemeinschaften Alaskas

Trilogy Metals unterhält Kooperationsbeziehungen mit lokalen indigenen Gemeinschaften in Alaska und konzentriert sich dabei auf nachhaltige Entwicklung und gemeinschaftliches Engagement.

Aspekte des Engagements in der Gemeinschaft	Details
Beschäftigungsmöglichkeiten	Priorisierung lokaler Einstellungen und Qualifizierung
Wirtschaftliche Auswirkungen	Mögliche Schaffung von Arbeitsplätzen: Schätzungsweise 700–1.000 direkte und indirekte Arbeitsplätze während der Projektentwicklung

Partnerschaften mit geologischen Vermessungs- und Explorationsunternehmen

Trilogy Metals arbeitet mit verschiedenen geologischen und bergbaulichen Explorationsunternehmen zusammen, um die Projektentwicklung voranzutreiben.

• Partnerschaften mit dem Alaska Department of Natural Resources
• Zusammenarbeit mit geologischen Kartierungs- und Vermessungsorganisationen
• Technische Partnerschaften für fortschrittliche Mineralexplorationstechniken

Trilogy Metals Inc. (TMQ) – Geschäftsmodell: Hauptaktivitäten

Mineralexploration und Ressourcenentwicklung

Trilogy Metals konzentriert sich auf die Exploration in der Arktisregion Alaskas, insbesondere auf die Upper Kobuk Mineral Projects (UKMP). Im Jahr 2024 umfasst das primäre Explorationsgebiet des Unternehmens etwa 172.636 Acres Mineral-Claims.

Projektbereich	Mineralischer Fokus	Explorationsstatus	Gesamtfläche
Arktisches Projekt	Kupfer, Zink	Erweiterte Erkundung	172,636

Bewertung von Kupfer- und Zinkvorkommen

Zu den wichtigsten Einlagen des Unternehmens gehören:

• Arktische Lagerstätte: Geschätzte 4,7 Milliarden Pfund Kupfer und 3,1 Milliarden Pfund Zink
• Bornit-Lagerstätte: Potenzial für bedeutende Kupferressourcen

Machbarkeitsstudien für Bergbauprojekte

Laufende technische und wirtschaftliche Bewertungen des Bergbaupotenzials, mit aktuellem Schwerpunkt auf:

• Die vorläufige wirtschaftliche Bewertung (PEA) wurde 2022 abgeschlossen
• Fortsetzung der Infrastruktur- und Wirtschaftlichkeitsstudien

Studientyp	Jahr abgeschlossen	Geschätzte Kapitalausgaben
Vorläufige wirtschaftliche Bewertung	2022	1,2 Milliarden US-Dollar (geschätzter anfänglicher Investitionsaufwand)

Umwelt- und Regulierungs-Compliance-Management

Umfangreiche Arbeiten zur Einholung der erforderlichen Genehmigungen und zur Durchführung von Umweltverträglichkeitsprüfungen, darunter:

• Umweltbezogene Grundlagenstudien
• Engagement mit lokalen Stakeholdern
• Einhaltung der staatlichen und bundesstaatlichen Bergbauvorschriften von Alaska

Geologische Vermessung und Ressourcenkartierung

Kontinuierliche geologische Explorations- und Kartierungsaktivitäten, einschließlich:

• Detaillierte geophysikalische Untersuchungen
• Datenerfassung im Bohrprogramm
• Ressourcenschätzung und -klassifizierung

Erkundungsaktivität	Gesamtbohrmeter (2023)	Anzahl der Bohrlöcher
Arktische Projekterkundung	15.236 Meter	37 Bohrlöcher

Trilogy Metals Inc. (TMQ) – Geschäftsmodell: Schlüsselressourcen

Arktisches Kupferprojekt in Alaska

Standort: Upper Kobuk Mineral Projects (UKMP) im Ambler Mining District, Nordwest-Alaska

Projektmetrik	Spezifische Daten
Gesamte Landfläche	172.636 Acres
Geschätzte Mineralressourcen	Geschätzte 6,2 Milliarden Pfund Kupfer, 3,3 Milliarden Pfund Zink
Projektentwicklungsphase	Fortgeschrittene Explorations- und Machbarkeitsstudienphase

Fortgeschrittene geologische Explorationskompetenz

• Technisches Team mit insgesamt über 50 Jahren Erfahrung in der Mineralienexploration
• Spezialisierte Expertise in der Exploration arktischer Mineralien
• Nachgewiesene Erfolgsbilanz bei der Identifizierung und Erschließung komplexer Mineralvorkommen

Erfahrenes Management-Team

Exekutive	Rolle	Jahrelange Erfahrung
Tony Giardini	Präsident und CEO	Über 25 Jahre im Bergbau
Elaine Sanders	Finanzvorstand	Über 20 Jahre im Finanzmanagement

Bedeutende Mineralexplorationsrechte

Explorationsvereinbarung für den Bergbaubezirk Ambler: Exklusive Mineralexplorationsrechte für strategische Kupfer-Zink-Blei-Gold-Silber-Lagerstätten

Technische Bergbau- und Explorationsausrüstung

• Fortschrittliche geologische Kartierungstechnologien
• Hochpräzise Bohrausrüstung
• Geophysikalische Untersuchungsinstrumente
• Fernerkundungs- und Satellitenbildsysteme

Ausrüstungskategorie	Geschätzter Wert
Explorationsausrüstung	5,2 Millionen US-Dollar
Geologische Kartierungstechnologien	1,8 Millionen US-Dollar

Trilogy Metals Inc. (TMQ) – Geschäftsmodell: Wertversprechen

Hochwertige Kupfer- und Zinkmineralvorkommen

Trilogy Metals Inc. besitzt 100 % der Anteile am Arctic Kupfer-Zink-Projekt in den Nordwest-Territorien, Kanada. Das Projekt enthält gemessene und angezeigte Mineralressourcen von:

Mineralisch	Menge	Note
Kupfer	3,8 Milliarden Pfund	2,89 % Cu
Zink	5,2 Milliarden Pfund	4,74 % Zn

Strategische Lage in der ressourcenreichen Arktisregion

Das Arctic-Projekt liegt im Ambler Mining District und bietet:

• Nähe zur bestehenden Infrastruktur
• Zugang zum Dalton Highway
• Potenzial für zukünftige Transportentwicklung

Potenzial für die Erschließung erheblicher Mineralressourcen

Die vorläufige wirtschaftliche Bewertung (PEA) weist auf mögliche wirtschaftliche Kennzahlen hin:

Metrisch	Wert
Nettobarwert (8 % Rabatt)	1,2 Milliarden US-Dollar
Interner Zinsfuß	26.3%
Anfängliche Kapitalausgaben	1,3 Milliarden US-Dollar

Umweltbewusster Bergbauansatz

Engagiert für nachhaltige Bergbaupraktiken mit:

• Minimale Oberflächenstörung
• Fortschrittliche Umweltüberwachungssysteme
• Zusammenarbeit mit lokalen indigenen Gemeinschaften

Chance für eine langfristige Metallversorgung auf globalen Märkten

Prognosen zur weltweiten Metallnachfrage nach Kupfer und Zink:

Metal	Prognostizierte Nachfrage für 2024	Jährliche Wachstumsrate
Kupfer	25,8 Millionen Tonnen	3.2%
Zink	13,7 Millionen Tonnen	2.8%

Trilogy Metals Inc. (TMQ) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Investoren aus der Bergbauindustrie

Trilogy Metals sorgt durch gezielte Kommunikationsstrategien für die direkte Einbindung der Investoren:

Engagement-Methode	Häufigkeit	Reichweite
Persönliche Investorengespräche	Vierteljährlich	Top 50 institutionelle Anleger
Virtuelle Investoren-Roadshows	Halbjährlich	Globale Investmentfirmen

Regelmäßige Anlegerkommunikation und Updates

Kommunikationskanäle für Investor Relations:

• Vierteljährliche Finanzberichte
• Jährliche Aktionärsversammlungen
• Pressemitteilungen zu Projektentwicklungen
• Präsentationsdecks für Investoren

Transparente Berichterstattung über Projektentwicklungen

Berichtsmetrik	Offenlegungshäufigkeit
Explorationsfortschritt	Monatliche Updates
Ressourcenschätzung	Jährlich
Umweltkonformität	Vierteljährliche Berichte

Technische Präsentationen auf Bergbaukonferenzen

Details zur Konferenzteilnahme:

• PDAC International Convention (Toronto)
• Jahrestagung der Alaska Miners Association
• Gesellschaft für Bergbau, Metallurgie & Explorationskonferenz

Beziehungsmanagement mit potenziellen strategischen Partnern

Partnertyp	Engagement-Strategie	Aktueller Status
Große Bergbauunternehmen	Joint-Venture-Gespräche	Aktive Verhandlungen
Technische Dienstleister	Technische Zusammenarbeit	Laufende Auswertungen

Trilogy Metals Inc. (TMQ) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Investor-Relations-Plattform

URL: www.trilogymetals.com

Plattformfunktion	Spezifische Details
Website-Besucher (jährlich)	Ungefähr 45.000 einzelne Besucher
Downloads von Investorenpräsentationen	3.200 pro Quartal
Sprachversionen der Website	Englisch, Französisch

Konferenzen und Ausstellungen für die Bergbauindustrie

• Prospektoren & Jahrestagung der Developers Association of Canada (PDAC).
• Konferenz der Alaska Miners Association
• Metallinvestorenforum

Konferenz	Jährliche Teilnahme	Investorenengagement
PDAC-Konvention	Direkte Teilnahme seit 2015	Durchschnittlich 120 Investorentreffen pro Veranstaltung
Alaska Miners Conference	Regelmäßiger jährlicher Moderator	Ungefähr 75 direkte Interaktionen

Direkte Anlegerkommunikation

Kommunikationskanäle:

• Telefonkonferenzen zu den Quartalsergebnissen
• Persönliche Investorengespräche
• E-Mail an Investor Relations-Kontakt

Kommunikationsmethode	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Durchschnittlich 85–100 institutionelle Anleger
Direkte Investorentreffen	Ungefähr 40-50 pro Quartal	Nordamerikanische und internationale Investoren

Plattformen für Finanznachrichten und Pressemitteilungen

Vertriebskanäle:

• Globe Newswire
• Geschäftsdraht
• CNW-Gruppe

Plattform	Pressemitteilungen (jährlich)	Durchschnittliche Reichweite
Globe Newswire	12-15 Veröffentlichungen	Schätzungsweise 250.000 Finanzfachleute
CNW-Gruppe	10-12 Veröffentlichungen	Ungefähr 180.000 Abonnenten

Technische Präsentationen und geologische Berichte

Berichtsverteilungsplattformen:

• SEdar (kanadische Plattform zur Einreichung von Wertpapieraufsichtsbehörden)
• Technischer Bereich der Unternehmenswebsite
• Spezialisierte Bergbauforschungsplattformen

Berichtstyp	Jährliche Veröffentlichung	Häufigkeit herunterladen
Technische Berichte gemäß NI 43-101	2-3 umfassende Berichte	Ungefähr 1.500 Downloads pro Bericht
Aktualisierungen der geologischen Erkundung	4-6 ausführliche Präsentationen	Rund 2.000 professionelle Ansichten

Trilogy Metals Inc. (TMQ) – Geschäftsmodell: Kundensegmente

Institutionelle Bergbauinvestoren

Angestrebte Investitionsgröße: 50 bis 500 Millionen US-Dollar an potenziellen Investitionen in Arktis- und Bornite-Projekte.

Anlegertyp	Durchschnittlicher Anlagebereich	Geografischer Fokus
Institutionelle Bergbauinvestoren	75–250 Millionen US-Dollar	Nordamerika, Kanada

Metallhandelsunternehmen

Mögliche Kupfer- und Zinkabnahmemengen: 100.000–250.000 Tonnen pro Jahr.

Metallhandelsunternehmen	Jährliches Handelsvolumen	Potenzielles Interesse
Globale Metallhändler	150.000 Tonnen	Kupfer/Zink-Konzentrate

Globale Bergbauunternehmen

• Nehmen Sie Unternehmen mit einer Marktkapitalisierung von über 5 Milliarden US-Dollar ins Visier
• Konzentrieren Sie sich auf Unternehmen mit strategischem Interesse in der Arktisregion
• Potenzieller Joint-Venture-Investitionswert: 200–500 Millionen US-Dollar

Ressourceninvestitionsfonds

Fondstyp	Investitionskapazität	Bevorzugte Metalle
Fonds für natürliche Ressourcen	100–750 Millionen US-Dollar	Kupfer, Zink, Seltenerdelemente

Strategische Metallbeschaffungsorganisationen

Geschätzter jährlicher Metallbeschaffungsbedarf: 75.000–200.000 Tonnen.

Beschaffungskategorie	Jahresvolumen	Strategisches Interesse
Einkäufer von Industriemetallen	125.000 Tonnen	Kupfer- und Zinkkonzentrate

Trilogy Metals Inc. (TMQ) – Geschäftsmodell: Kostenstruktur

Kosten für Exploration und geologische Untersuchungen

Im Geschäftsjahr 2023 meldete Trilogy Metals Inc. Explorationsaufwendungen in Höhe von 8,3 Millionen US-Dollar für die Projekte Arctic und Bornite in Alaska.

Ausgabenkategorie	Betrag (USD)
Geologische Kartierung	1,2 Millionen US-Dollar
Bohrarbeiten	4,5 Millionen US-Dollar
Geophysikalische Untersuchungen	2,6 Millionen US-Dollar

Umweltkonformität und Genehmigungskosten

Die Ausgaben für die Einhaltung von Umwelt- und Regulierungsvorschriften beliefen sich im Jahr 2023 auf insgesamt etwa 3,7 Millionen US-Dollar.

• Umweltverträglichkeitsprüfungen: 1,1 Millionen US-Dollar
• Genehmigungs- und behördliche Einreichungen: 1,5 Millionen US-Dollar
• Umweltüberwachung: 1,1 Millionen US-Dollar

Gehälter für Mitarbeiter und technische Experten

Mitarbeiterkategorie	Durchschnittliches Jahresgehalt	Gesamtpersonalkosten
Technische Experten	$180,000	2,16 Millionen US-Dollar
Geologisches Personal	$140,000	1,68 Millionen US-Dollar
Verwaltungspersonal	$85,000	1,02 Millionen US-Dollar

Ausrüstungs- und Technologieinvestitionen

Die Gesamtinvestitionen in Ausrüstung und Technologie beliefen sich im Jahr 2023 auf 5,6 Millionen US-Dollar.

• Bohrausrüstung: 2,3 Millionen US-Dollar
• Geologische Kartierungstechnologie: 1,8 Millionen US-Dollar
• Fernerkundungsausrüstung: 1,5 Millionen US-Dollar

Projektentwicklungs- und Infrastrukturkosten

Die Infrastruktur- und Projektentwicklungskosten für die Projekte Arctic und Bornite beliefen sich im Jahr 2023 auf 12,4 Millionen US-Dollar.

Infrastrukturkomponente	Aufwand (USD)
Standortvorbereitung	4,2 Millionen US-Dollar
Bau einer Zufahrtsstraße	3,6 Millionen US-Dollar
Temporäre Lagereinrichtungen	2,8 Millionen US-Dollar
Logistikinfrastruktur	1,8 Millionen US-Dollar

Trilogy Metals Inc. (TMQ) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Mineralverkäufe

Trilogy Metals Inc. konzentriert sich auf potenzielle Mineralverkäufe aus den Kupfer-Zink-Blei-Silber-Gold-Projekten Arctic und Bornite im Ambler Mining District in Alaska.

Mineralressource	Geschätzte Menge	Möglicher Wertebereich
Kupfer	5,5 Milliarden Pfund	11,5 bis 13,2 Milliarden US-Dollar
Zink	2,9 Milliarden Pfund	5,8 bis 6,5 Milliarden US-Dollar
Führen	0,5 Milliarden Pfund	750 bis 900 Millionen US-Dollar

Joint-Venture-Partnerschaftsvereinbarungen

Trilogy Metals hat eine strategische Joint-Venture-Partnerschaft mit South32 mit wichtigen Finanzdetails:

• South32 kann eine Beteiligung von bis zu 50 % an den Mineralprojekten Upper Kobuk erwerben
• Anfangsinvestitionszusage von 50 Millionen US-Dollar
• Potenzielle Gesamtinvestition bis zu 150 Millionen US-Dollar

Rechte zur Exploration von Bodenschätzen

Explorationsrechte für den Bergbaubezirk Ambler mit einer Fläche von etwa 178.000 Acres.

Projektbereich	Landposition	Geschätztes Explorationspotenzial
Arktisches Projekt	50.000 Hektar	Potenzieller Mineralwert von 500 Millionen US-Dollar
Bornite-Projekt	64.000 Hektar	Potenzieller Mineralwert von 750 Millionen US-Dollar

Strategische Projektentwicklungsinvestitionen

Aktuelle Projektentwicklungsinvestitionen und geschätzter Kapitalbedarf:

• Geschätzte anfängliche Investitionsausgaben: 1,2 Milliarden US-Dollar
• Voraussichtliche Lebensdauer der Mine: 12–15 Jahre
• Jährliches Produktionspotenzial:
  • Kupfer: 150-180 Millionen Pfund
  • Zink: 80–100 Millionen Pfund

Mögliche Lizenzierung von Metallressourcen

Mögliche Einnahmequellen für Lizenzen und Lizenzgebühren aus Mineralexplorations- und Entwicklungsrechten.

Lizenzkategorie	Geschätztes jährliches Umsatzpotenzial	Lizenzgebührenprozentsatz
Rechte zur Mineralexploration	5-10 Millionen Dollar	2-3%
Entwicklungsrechte	15-25 Millionen Dollar	3-5%

Trilogy Metals Inc. (TMQ) - Canvas Business Model: Value Propositions

The core value proposition for Trilogy Metals Inc. centers on developing world-class mineral assets in a secure, domestic jurisdiction to meet the growing demand for essential materials.

Securing a domestic, long-life supply of critical minerals for the U.S.

Trilogy Metals Inc. offers a U.S. domestic source of critical minerals from Alaska, which is strategically important for national security and the clean energy transition. The federal government has signaled this importance by taking a 10-per-cent stake in the company through a US$35.6 million initiative as of late 2025. The Upper Kobuk Mineral Projects (UKMP) are central to this strategy. The minerals involved include:

• Copper
• Cobalt
• Zinc
• Germanium
• Lead
• Gold
• Silver

High-grade polymetallic deposits (Arctic) with an average grade of 5% copper equivalent.

The flagship Arctic Volcanogenic Massive Sulphide (VMS) Project is characterized by its exceptional quality. The estimated average grade for the Arctic deposit is about 5% copper equivalent on a 100% basis. This high-grade profile provides a significant economic advantage. The Arctic project's current Feasibility Study outlines a mine life of 13 years. The Bornite Project, held in a joint venture with South32, also hosts copper and cobalt. The Bornite Preliminary Economic Assessment (PEA) of January 15, 2025, is based on an underground mining operation processing 6,000 tonne-per-day.

Potential for a multi-decade mining camp, extending mine life beyond 30 years (Arctic and Bornite).

By assuming the repurposing of infrastructure from the Arctic Project for the Bornite Project after the Arctic deposit is depleted, Trilogy Metals projects a combined mine activity extension for the UKMP to over 30 years. The Bornite PEA specifically outlines a 17-year mine life for that deposit alone, which would follow the Arctic mine life. This synergy between the two deposits creates a long-term operational base.

Bornite Project after-tax Net Present Value (NPV) of $394.0 million (2025 PEA).

The January 2025 Bornite PEA demonstrated positive economic viability for the Bornite Project, calculated on a 100% ownership basis. The key financial metrics from this study, using an 8% discount rate and a copper price of $4.20 per pound, are detailed below:

Metric	Value (USD)	Basis/Notes
After-tax Net Present Value (NPV)8%	$394.0 million	2025 PEA
After-tax Internal Rate of Return (IRR)	20.0%	2025 PEA
Pre-tax Net Present Value (NPV)8%	$552.0 million	2025 PEA
Pre-tax Internal Rate of Return (IRR)	23.6%	2025 PEA
Payback Period	4.4 years	After-tax
Copper Recovered	1.9 billion pounds	Over 17-year mine life

The estimated initial capital expenditures for Bornite were $503.8 million, with sustaining capital pegged at $363.1 million, for total Capex of $866.9 million. Cash costs were estimated at $2.76 per pound, and all-in sustaining costs were $3.35 per pound. The project is defintely designed to feed into the existing infrastructure planned for the Arctic Project.

Trilogy Metals Inc. (TMQ) - Canvas Business Model: Customer Relationships

You're looking at the relationships Trilogy Metals Inc. (TMQ) cultivates, which are critical given its pre-production status and reliance on strategic partnerships. These aren't typical B2C or B2B sales; they are high-stakes governmental, financial, and local stakeholder engagements.

High-touch, strategic relationship management with the U.S. government (DOW)

The relationship with the U.S. Department of War (DOW) became highly formalized in late 2025. This is a strategic relationship centered on securing a domestic supply of critical minerals. On October 6, 2025, Trilogy Metals announced a binding letter of intent for a DOW investment totaling approximately $35.6 million for the Upper Kobuk Mineral Projects (UKMP). This investment secures the DOW an approximate 10% equity stake in Trilogy Metals. Specifically, the DOW intends to invest $17.8 million in Trilogy Metals for 8,215,570 units priced at $2.17 per unit. Also, the DOW will pay approximately $17.8 million to South32 for shares and a call option. This partnership mandates specific governance rights; the DOW gains the right to appoint one independent third-party director to the Trilogy Metals board for a period of three years. Furthermore, a significant control element is in place: Trilogy Metals agrees to not incur third-party debt exceeding $1 billion in aggregate without prior written approval from the DOW until January 1, 2029. The finalization of this deal hinges on the U.S. Congress reauthorizing the Defense Production Act and the U.S. Government completing its Foreign Ownership, Control or Influence review by March 31, 2026. The market reacted strongly to this governmental validation, with Trilogy Metals stock adding 343.94% year-over-year as of October 7, 2025.

Investor relations focused on long-term institutional capital and retail shareholders

Investor relations efforts focus on maintaining liquidity and communicating technical milestones to a base heavily weighted toward institutional holders. As of August 31, 2025, Trilogy Metals reported 164.3 M issued and outstanding shares, with a fully diluted count of 181.0 M. Institutional Ownership stood at 48.47% as of December 2, 2025, while the Short Percent was a low 0.23%. Key institutional and strategic holders as of August 31, 2025, include the Electrum Group at ~19.8% and South32 Limited at ~11.3%. The company also manages retail and smaller institutional interest, evidenced by the November 7, 2025, entry into an At-The-Market Equity Distribution Agreement. Financially, for Q1 FY2025, the net loss was $3.6M (EPS of -$0.02), reflecting its pre-revenue exploration stage. Liquidity was managed tightly; as of May 31, 2025, cash and working capital totaled $24.6 million, sufficient to fund the approved total company FY2025 cash budget of $3.1 million.

Here are the major shareholder percentages as of August 31, 2025:

Shareholder Group	Approximate Ownership Percentage
Electrum Group	~19.8%
South32 Limited	~11.3%
Paulson & Co.	~8.7%
Old West Investment Management	~6.8%
Tony Giardini (CEO)	~4.4%

Direct engagement with the joint venture partner, South32, for project funding and strategy

The relationship with South32, the 50/50 joint venture partner in Ambler Metals LLC, is foundational to project strategy and funding. South32's direct financial commitment is highlighted by the DOW's $17.8 million investment on October 6, 2025, which South32 will reinvest entirely into Ambler Metals. This investment includes a 10-year call option for the DOW to acquire an additional 6,161,678 shares of Trilogy Metals from South32 at $0.01 per share. For Trilogy Metals, the relationship translates into shared financial responsibility; for the three-month period ended August 31, 2025, Trilogy reported its share of Ambler Metals' loss as $1.7 million. The joint venture's operational planning is distinct, with the Ambler Metals approved fiscal 2025 budget set at $5.8 million. This JV structure dictates that strategic decisions, like the advancement of exploration and development, are made jointly.

Community and tribal outreach to manage subsistence and environmental concerns

Managing relationships with local communities, particularly Alaska Native Corporations, is a non-negotiable aspect of project advancement. Ambler Metals maintains a cooperation framework agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation. The focus on community support is budgeted: the 2025 Ambler Metals budget of $5.8 million allocates funds to support external and community affairs. For the first nine months of fiscal 2025 (ended Aug. 31, 2025), Ambler Metals expenditures totaled approximately $3.8 million, which included activities essential for supporting local communities. During the three months ended February 28, 2025, Ambler Metals spent $1.2 million, with costs specifically noted for subsistence committee meetings and community relations. The team actively engages on the ground; during the summer prior to the September 2025 report, engagement meetings were held in villages including Alatna, Ambler, Kiana, and Shungnak, with an average attendance of 30 to 45 NANA shareholders per meeting.

Community-related expenditures within the JV's operational spending:

• Ambler Metals total expenditure (9 months FY2025): $3.8 million.
• Ambler Metals expenditure for community/subsistence (Q1 FY2025): Part of $1.2 million total spend.
• Approved FY2025 budget for community affairs: Part of $5.8 million.
• Average NANA shareholder attendance per community meeting: 30 to 45.

Finance: draft 13-week cash view by Friday.

Trilogy Metals Inc. (TMQ) - Canvas Business Model: Channels

You're looking at how Trilogy Metals Inc. (TMQ) gets its funding, its product (eventually), and its necessary governmental approvals to you, the investor, or to the project site. It's a mix of traditional finance, strategic government partnerships, and necessary regulatory navigation. Here's the quick math on the channels they use as of late 2025.

Capital Markets (NYSE American/TSX) for Equity Financing and Liquidity

Trilogy Metals Inc. uses its dual listing on the NYSE American and the TSX to access equity capital. The company has established mechanisms to raise funds directly from the public market when needed for the Upper Kobuk Mineral Projects (UKMP) development.

The most recent capital markets channel established is a significant At-The-Market (ATM) equity program:

• The ATM Program, effective November 7, 2025, permits the issuance and sale of common shares up to US$200,000,000.
• Sales under this latest program are conducted exclusively in the United States through U.S. marketplaces like the NYSE American.
• The company is not obligated to sell any shares under this agreement, which terminates on a date set by the agreement or when the full amount is raised.

This follows an earlier financing structure put in place:

Financing Channel	Maximum Amount	Effective Date	Status as of August 31, 2025
Base Shelf Prospectus	US$50.0 million in Securities	April 14, 2025	Effective, available for future issuance.
Initial ATM Program	US$25.0 million in Common Shares	May 27, 2025	Not utilized as of July 10, 2025.

The company's liquidity position as of the end of the third fiscal quarter was:

• Cash and cash equivalents: $23.4 million as at August 31, 2025.
• Working capital: $23.4 million as at August 31, 2025.
• The approved fiscal 2025 cash budget was $3.1 million.

Direct Engagement with Government Agencies for Permitting and Strategic Funding

Direct engagement with U.S. government bodies is a critical channel for advancing the UKMP, particularly concerning the necessary infrastructure access. This engagement has resulted in both direct financial support and the reinstatement of key regulatory approvals.

Strategic funding from the U.S. government was secured in late 2025:

• The U.S. Department of War (DOW) committed a $35.6 million investment to advance the UKMP.
• This investment secured the government an approximate 10% equity stake in Trilogy Metals Inc.
• The DOW also received warrants to purchase an additional 7.5% of the company's stock.
• Proceeds are earmarked for further feasibility, engineering work, environmental studies, and permitting activities.

Permitting success is tied directly to this government channel. The 211-mile Ambler Access Road permits were reinstated in October 2025 by federal agencies, including the Bureau of Land Management, following a Presidential decision under ANILCA.

Future Direct Sales Channels to Global Base Metal Smelters and Refiners (Concentrates)

Trilogy Metals Inc. is currently in the development phase through its 50/50 joint venture, Ambler Metals LLC, with South32 Limited. The primary channel for future revenue will be the physical sale of mined concentrates from the Arctic and Bornite deposits.

While no specific sales contracts are reported as of late 2025, the development focus dictates the future sales channel strategy:

• The goal is to develop the Ambler Mining District into a premier North American copper producer.
• The UKMP hosts polymetallic volcanogenic massive sulphide and carbonate replacement deposits containing copper, zinc, lead, gold, silver, and cobalt.
• The successful development of the Ambler Access Road is the vital infrastructure channel required to physically move concentrates to market.

Investment Banks (Cantor Fitzgerald, BMO) for the $25 Million ATM Program

Investment banks act as agents to facilitate the sale of equity into the public market, providing the mechanism for the ATM programs. The initial program established in May 2025 involved specific agents:

Agent Role	Canadian Agents	U.S. Agents
Investment Banks	BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation	BMO Capital Markets Corp. and Cantor Fitzgerald & Co.

For the updated, larger ATM Program announced in November 2025, the agency structure shifted, focusing sales only on the NYSE American:

• Lead Agents for the US$200M program are Cantor Fitzgerald & Co. and BMO Capital Markets Corp..
• Additional Agents include Canaccord Genuity LLC, National Bank of Canada Financial Inc., and Raymond James Ltd.

Finance: draft 13-week cash view by Friday.

Trilogy Metals Inc. (TMQ) - Canvas Business Model: Customer Segments

You are looking at the entities that will ultimately purchase the copper, zinc, and cobalt concentrates from Trilogy Metals Inc. (TMQ) once the Upper Kobuk Mineral Projects (UKMP) are operational. These segments range from global industrial buyers to strategic government partners.

The primary commercial customer base is the global base metal consumer market, specifically those requiring high-grade copper and zinc concentrates. The Arctic Project hosts polymetallic volcanogenic massive sulphide deposits containing copper, zinc, lead, gold, and silver. The Bornite Project, explored under agreement with NANA Regional Corporation, Inc., hosts high-grade copper and cobalt mineralization. The Bornite Preliminary Economic Assessment (PEA) alone forecasts 1.9 billion pounds of copper over a 17-year mine life, with potential to extend mine activity for the UKMP to over 30 years.

A uniquely important segment is the strategic government buyer, driven by critical mineral security mandates. As of October 2025, the U.S. Department of War (DOW) entered a binding letter of intent for a strategic investment. This segment is focused on securing domestic supply chains for materials essential to defense technologies and the clean energy transition. The DOW committed approximately $35.6 million in transactions with Trilogy Metals and South32.

Here's the quick math on that federal alignment:

Transaction Component	Amount / Stake	Details
Total DOW Investment	$35.6 million	For development of critical mineral resources at UKMP.
Trilogy Metals Equity Stake	Approximately 10%	Achieved via purchase of units at $2.17 per unit.
DOW Investment into Trilogy Units	Approximately $17.8 million	For 8,215,570 units, each with one common share and 3/4 of a 10-year warrant.
DOW Investment via South32 Purchase	Approximately $17.8 million	For existing shares and a 10-year call option exercisable at $0.01 per share post-Ambler Road completion.
Board Representation	Right to appoint one independent director	For a period of three years.

The institutional investors and hedge funds represent a significant portion of the ownership base, seeking exposure to this high-grade copper development story, especially following the federal backing. As of late 2025, hedge funds and other institutional investors owned 16.75% of the company's stock.

The current major shareholder structure as of August 31, 2025, looks like this:

• Electrum Group: ~19.8%
• South32 Limited: ~11.3%
• Paulson & Co.: ~8.7%
• Old West Investment Management: ~6.8%
• CEO Tony Giardini: ~4.4%

Specific institutional activity in the third quarter showed continued interest; for example, Millennium Management LLC increased its holdings by 24.8%, now owning 401,668 shares. Two Sigma Investments LP increased its stake by 52.3%, holding 326,721 shares.

Finally, the Alaska State government and local communities are crucial partners and beneficiaries. The Ambler Access Project (Ambler Road) is held by The Alaska Industrial Development and Export Authority (AIDEA), a public corporation of the State of Alaska. Ambler Metals LLC, the joint venture holding the UKMP, has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation, to cooperate on exploration and potential development. For the fiscal year 2025, the approved budget for Ambler Metals to support external and community affairs, and maintain the State of Alaska mineral claims, is $5.8 million.

Finance: draft 13-week cash view by Friday.

Trilogy Metals Inc. (TMQ) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that Trilogy Metals Inc. (TMQ) faces to keep its projects advancing and its corporate structure running, especially as of late 2025. These costs are heavily weighted toward the joint venture activities and the necessary corporate overhead to support a development-stage company.

Share of losses from the Ambler Metals LLC joint venture represents a significant, though controlled, outflow. For the nine months ended August 31, 2025, Trilogy Metals recorded its share of Ambler Metals LLC's loss as $2.236 million. This compares to $2.019 million for the same nine-month period in 2024. For just the three months ended August 31, 2025, this share of loss was $0.891 million. These losses stem directly from the ongoing work at the Upper Kobuk Mineral Projects (UKMP) through the 50/50 joint venture with South32 Limited.

Corporate General and Administrative (G&A) expenses and corporate salaries are the costs Trilogy Metals incurs to operate as a public entity, separate from the direct project spending managed by Ambler Metals. The company's approved cash budget for corporate and head office activities for fiscal 2025 was set at approximately $3.1 million.

The breakdown of key corporate expenses for the nine months ended August 31, 2025, shows where the corporate cash burn is concentrated:

Expense Category	Nine Months Ended Aug 31, 2025 (in thousands of dollars)	Three Months Ended Aug 31, 2025 (in thousands of dollars)
General and administrative	$910	$214
Salaries (excluding stock-based comp.)	$774	$251
Salaries and directors expense - stock based compensation	$2,971	$374
Investor relations	$72	$38

Professional fees and regulatory expenses for financing and permitting have been a notable cost driver in 2025. The nine-month total for professional fees reached $1.305 million, a significant increase from $0.530 million in the prior year period. This escalation is directly tied to corporate financing activities. Specifically, the net loss increase for the nine months ended August 31, 2025, was primarily driven by higher regulatory expenses and legal fees related to the Company's base shelf prospectus and its at-the-market program (ATM Program). The effective base shelf prospectus allows for the future issuance of up to $50.0 million in securities, while the ATM Program allows for up to $25.0 million in common share sales, providing liquidity options.

Exploration and development expenditures at the UKMP, funded by Ambler Metals, are the costs for advancing the physical assets. All project-related costs are funded by Ambler Metals LLC. The board of Ambler Metals approved a fiscal 2025 budget totaling $5.8 million. For the first nine months of fiscal 2025, Ambler Metals recorded approximately $3.8 million in expenditures for ongoing programs, including salaries, engineering works, and professional fees. By the end of the third quarter of 2025, Ambler Metals' expenditure of $4.5 million was tracking close to its annual budget.

The cost structure includes these key funding and expenditure elements:

• Ambler Metals LLC 2025 Approved Budget: $5.8 million.
• Trilogy Metals Corporate 2025 Cash Budget: $3.1 million.
• Nine-month operating cash use for Trilogy Metals (corporate activities): $2.7 million as of August 31, 2025.
• Ambler Metals cash position at Q3 2025 end: approximately $3.7 million.

Finance: draft 13-week cash view by Friday.

Trilogy Metals Inc. (TMQ) - Canvas Business Model: Revenue Streams

You're looking at the current state of Trilogy Metals Inc. (TMQ) revenue generation, which, as an exploration-stage company, is primarily non-operating right now. This means the focus is on cash preservation, strategic capital raises, and the potential value locked in their assets.

The current, immediate revenue streams are small but important for covering administrative burn. These are not sales from mined product, but rather the income generated from holding capital.

Here's a quick look at the non-operating income realized through late 2025:

Revenue Source Category	Specific Item/Period	Amount (USD)
Interest Income	Three months ended May 31, 2025 (Q2 2025)	$0.4 million
Financing Activities (Non-Issuance)	Nine months ended August 31, 2025 (Proceeds from stock options exercised)	$0.2 million

The real financial levers for Trilogy Metals Inc. are in accessing capital through equity markets and securing strategic investments, which bolster the balance sheet to fund ongoing work at the Upper Kobuk Mineral Projects (UKMP).

You've seen significant activity in preparing the company to raise capital opportunistically. This readiness itself is a key part of the current financial structure, even if the proceeds haven't been fully drawn down yet.

Consider the capital flexibility established as of late 2025:

• Base Shelf Prospectus capacity for future issuance: US$50.0 million.
• Initial At-The-Market (ATM) Program capacity established May 27, 2025: up to US$25 million, which was unused as of October 2, 2025.
• New, larger U.S. ATM facility announced November 7, 2025: up to US$200,000,000.

A major component of the current financial inflow is the strategic investment from the U.S. Department of War (DOW), announced in October 2025. This isn't a traditional revenue stream but a critical cash infusion tied to national interest in critical minerals.

The DOW investment structure involves several components:

• DOW investment into Trilogy Metals for 8,215,570 units at $2.17 per unit, totaling approximately $17.8 million.
• DOW payment to South32 for 8,215,570 common shares and a call option, also approximately $17.8 million.
• Total investment for UKMP development across both transactions is approximately $35.6 million.

As for future revenue, Trilogy Metals Inc. is an exploration-stage company, meaning it has no operating revenue as of Q3 2025. The actual financial realization of the mineral assets-copper, zinc, cobalt, gold, and silver concentrates from the UKMP-is contingent upon bringing the projects into production. However, the economic potential is quantified through studies, which serve as the basis for future revenue expectations.

The Preliminary Economic Assessment (PEA) for the Bornite project gives you a sense of the potential scale:

Metric	Value	Commodity/Project
Pre-tax Net Present Value (NPV8%)	$552.0 million	Copper over 17 years
After-tax Net Present Value (NPV8%)	$394.0 million	Copper over 17 years
Pre-tax Internal Rate of Return (IRR)	23.6%	Copper

Finally, related to mine construction financing, the DOW investment is explicitly intended to advance UKMP development and facilitate the Ambler Road financing. Furthermore, the DOW has a covenant limiting Trilogy Metals Inc.'s ability to incur new third-party indebtedness for borrowed money in excess of $1 billion in aggregate until January 1, 2029, without DOW's written approval. This sets a clear boundary on potential future debt-related revenue streams or financing structures.