Trilogy Metals Inc. (TMQ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Ubicado en el paisaje ártico rico en recursos, Trilogy Metals Inc. (TMQ) emerge como una empresa de exploración mineral pionera con una visión estratégica que transforma el terreno geológico desafiante en posibles oportunidades económicas. Al aprovechar las técnicas de exploración sofisticadas, las asociaciones estratégicas y una comprensión profunda del potencial mineral del Ártico, la compañía se está posicionando a la vanguardia del desarrollo de recursos de cobre y zinc, prometiendo a los inversores un camino único en una de las regiones más inexploradas y geológicamente prometedoras del mundo. .

Trilogy Metals Inc. (TMQ) - Modelo de negocios: asociaciones clave

Alianza estratégica con Nana Regional Corporation

Trilogy Metals tiene una asociación estratégica con Nana Regional Corporation, una corporación regional nativa de Alaska que representa a la gente iñupiat del noroeste de Alaska. La asociación cubre el Proyectos minerales superiores de Kobuk (UKMP).

Detalles de la asociación	Detalles específicos
Acuerdo de acceso a la tierra	Región del noroeste de Alaska, que cubre aproximadamente 146,600 acres
Estaca de propiedad	Nana posee el 15.7% del proyecto UKMP

Empresa conjunta con South32

Trilogy Metals tiene un importante acuerdo de empresa conjunta con South32 para el desarrollo del proyecto ártico.

• South32 adquirió un interés del 50% en los proyectos minerales superiores de Kobuk en 2017
• Inversión de $ 145 millones para obtener el interés del proyecto del 50%
• Exploración y desarrollo colaborativo del proyecto ártico de cobre-zinc-lid-dinter

Colaboración con comunidades indígenas locales de Alaska

Trilogy Metals mantiene relaciones colaborativas con las comunidades indígenas locales de Alaska, centrándose en el desarrollo sostenible y la participación de la comunidad.

Aspectos de compromiso de la comunidad	Detalles
Oportunidades de empleo	Priorizar la contratación local y la capacitación en habilidades
Impacto económico	Creación de empleo potencial: empleos estimados de 700-1000 e indirectos durante el desarrollo del proyecto

Asociaciones con firmas de estudio geológico y exploración

Trilogy Metals colabora con varias entidades de exploración geológica y minera para avanzar en el desarrollo de su proyecto.

• Asociaciones con el Departamento de Recursos Naturales de Alaska
• Colaboración con organizaciones de mapeo y encuestas geológicas
• Asociaciones técnicas para técnicas avanzadas de exploración mineral

Trilogy Metals Inc. (TMQ) - Modelo de negocio: actividades clave

Exploración mineral y desarrollo de recursos

Trilogy Metals se centra en la exploración en la región ártica de Alaska, específicamente los proyectos minerales superiores de Kobuk (UKMP). A partir de 2024, el área de exploración principal de la compañía cubre aproximadamente 172,636 acres de reclamos minerales.

Área de proyecto	Enfoque mineral	Estado de exploración	Total de acres
Proyecto ártico	Cobre, zinc	Exploración avanzada	172,636

Evaluación de depósitos de cobre y zinc

Los depósitos clave de la compañía incluyen:

• Depósito Ártico: estimado de 4.700 millones de libras de cobre y 3.100 millones de libras de zinc
• Depósito de Bornite: potencial para recursos significativos de cobre

Estudios de viabilidad para proyectos mineros

Evaluaciones técnicas y económicas continuas del potencial minero, con un enfoque reciente en:

• Evaluación económica preliminar (PEA) completada en 2022
• Infraestructura continua y estudios de viabilidad económica

Tipo de estudio	Año completado	Gasto de capital estimado
Evaluación económica preliminar	2022	$ 1.2 mil millones (CAPEX inicial estimado)

Gestión de cumplimiento ambiental y regulatorio

Extenso trabajo para obtener los permisos necesarios y la realización de evaluaciones ambientales, que incluyen:

• Estudios de referencia ambientales
• Compromiso con las partes interesadas locales
• Cumplimiento de las regulaciones mineras estatales y federales de Alaska

Topografía geológica y mapeo de recursos

Actividades de exploración geológica y mapeo continuas, que incluyen:

• Encuestas geofísicas detalladas
• Recopilación de datos del programa de perforación
• Estimación y clasificación de recursos

Actividad de exploración	Medidores de perforación total (2023)	Número de agujeros de perforación
Exploración del proyecto ártico	15,236 metros	37 agujeros de perforación

Trilogy Metals Inc. (TMQ) - Modelo de negocio: recursos clave

Proyecto de cobre ártico en Alaska

Ubicación: Upper Kobuk Mineral Projects (UKMP) en el distrito minero de Ambler, noroeste de Alaska

Métrico de proyecto	Datos específicos
Área total	172,636 acres
Recursos minerales estimados	Estimado 6.2 mil millones de libras de cobre, 3.300 millones de libras de zinc
Etapa de desarrollo de proyectos	Fase de estudio de exploración y factibilidad avanzada

Experiencia de exploración geológica avanzada

• Equipo técnico con más de 50 años de experiencia combinada de exploración mineral
• Experiencia especializada en exploración mineral del ártico
• Huella comprobado de identificación y desarrollo de depósitos minerales complejos

Equipo de gestión experimentado

Ejecutivo	Role	Años de experiencia
Tony Giardini	Presidente y CEO	Más de 25 años en la industria minera
Elaine Sanders	director de Finanzas	Más de 20 años en gestión financiera

Derechos significativos de exploración mineral

Acuerdo de exploración del distrito minero Ambler: Derechos de exploración minerales exclusivos que cubren depósitos estratégicos de cobre-zinc-líder-dorado

Equipo de minería y exploración técnica

• Tecnologías avanzadas de mapeo geológico
• Equipo de perforación de alta precisión
• Instrumentos de encuesta geofísica
• Sistemas de teledetección y imagen satelital

Categoría de equipo	Valor estimado
Equipo de exploración	$ 5.2 millones
Tecnologías de mapeo geológico	$ 1.8 millones

Trilogy Metals Inc. (TMQ) - Modelo de negocio: propuestas de valor

Depósitos minerales de cobre y zinc de alto grado

Trilogy Metals Inc. posee un interés del 100% en el proyecto ártico de cobre-zinc ubicado en los Territorios del Noroeste, Canadá. El proyecto contiene recursos minerales medidos e indicados de:

Mineral	Cantidad	Calificación
Cobre	3.800 millones de libras	2.89% CU
Zinc	5.2 mil millones de libras	4.74% Zn

Ubicación estratégica en la región ártica rica en recursos

El Proyecto Ártico está situado dentro del distrito minero Ambler, que ofrece:

• Proximidad a la infraestructura existente
• Acceso a la autopista Dalton
• Potencial para el desarrollo futuro del transporte

Potencial para un desarrollo sustancial de recursos minerales

La evaluación económica preliminar (PEA) indica métricas económicas potenciales:

Métrico	Valor
Valor presente neto (8% de descuento)	$ 1.2 mil millones
Tasa de rendimiento interna	26.3%
Gasto de capital inicial	$ 1.3 mil millones

Enfoque minero ambientalmente responsable

Comprometido con prácticas mineras sostenibles con:

• Perturbación de la superficie mínima
• Sistemas avanzados de monitoreo ambiental
• Colaboración con comunidades indígenas locales

Oportunidad para el suministro de metales a largo plazo en los mercados globales

Proyecciones globales de demanda de metales para cobre y zinc:

Metal	2024 demanda proyectada	Tasa de crecimiento anual
Cobre	25.8 millones de toneladas métricas	3.2%
Zinc	13.7 millones de toneladas métricas	2.8%

Trilogy Metals Inc. (TMQ) - Modelo de negocios: relaciones con los clientes

Compromiso directo con inversores de la industria minera

Trilogy Metals mantiene la participación directa de los inversores a través de estrategias de comunicación específicas:

Método de compromiso	Frecuencia	Alcanzar
Reuniones de inversores individuales	Trimestral	Los 50 principales inversores institucionales
Virtual Investor Roadshows	By-anualmente	Empresas de inversión globales

Comunicaciones y actualizaciones regulares de los inversores

Canales de comunicación para relaciones con los inversores:

• Informes financieros trimestrales
• Reuniones anuales de accionistas
• Comunicados de prensa detallando desarrollos del proyecto
• Mazos de presentación de inversores

Informes transparentes de desarrollos de proyectos

Métrica de informes	Frecuencia de divulgación
Progreso de exploración	Actualizaciones mensuales
Estimación de recursos	Anualmente
Cumplimiento ambiental	Informes trimestrales

Presentaciones técnicas en conferencias mineras

Detalles de participación de la conferencia:

• Convención Internacional PDAC (Toronto)
• Convención anual de la Asociación de Mineros de Alaska
• Sociedad de Minería, Metalurgia & Conferencia de exploración

Gestión de relaciones con posibles socios estratégicos

Tipo de socio	Estrategia de compromiso	Estado actual
Principales compañías mineras	Discusiones de empresa conjunta	Negociaciones activas
Proveedores de servicios técnicos	Colaboración técnica	Evaluaciones en curso

Trilogy Metals Inc. (TMQ) - Modelo de negocios: canales

Sitio web corporativo y plataforma de relaciones con los inversores

URL: www.trilogymetals.com

Característica de la plataforma	Detalles específicos
Visitantes del sitio web (anual)	Aproximadamente 45,000 visitantes únicos
Descargas de presentación de inversores	3,200 por trimestre
Versiones de idioma del sitio web	Inglés, francés

Conferencias y exposiciones de la industria minera

• Prospectores & Convención anual de la Asociación de Desarrolladores de Canadá (PDAC)
• Conferencia de la Asociación de Mineros de Alaska
• Foro de inversores de metales

Conferencia	Participación anual	Compromiso de los inversores
Convención PDAC	Participación directa desde 2015	Promedio de 120 reuniones de inversores por evento
Conferencia de mineros de Alaska	Presentador anual regular	Aproximadamente 75 interacciones directas

Comunicación directa de los inversores

Canales de comunicación:

• Llamadas de conferencia trimestrales de ganancias
• Reuniones de inversores individuales
• Correo electrónico Relaciones con los inversores Contacto

Método de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	Promedio de 85-100 inversores institucionales
Reuniones directas de inversores	Aproximadamente 40-50 por trimestre	Inversores norteamericanos e internacionales

Noticias financieras y plataformas de comunicación de prensa

Canales de distribución:

• Globe Newswire
• Business Wire
• Grupo CNW

Plataforma	Comunicados de prensa (anuales)	Alcance promedio
Globe Newswire	Lanzamientos de 12-15	Estimados de 250,000 profesionales financieros
Grupo CNW	Lanzamientos 10-12	Aproximadamente 180,000 suscriptores

Presentaciones técnicas e informes geológicos

Plataformas de distribución de informes:

• SEDAR (Plataforma de presentación regulatoria de valores canadiense)
• Sección técnica del sitio web de la empresa
• Plataformas de investigación de minería especializada

Tipo de informe	Publicación anual	Frecuencia de descarga
NI 43-101 Informes técnicos	2-3 informes completos	Aproximadamente 1,500 descargas por informe
Actualizaciones de exploración geológica	4-6 presentaciones detalladas	Alrededor de 2.000 vistas profesionales

Trilogy Metals Inc. (TMQ) - Modelo de negocio: segmentos de clientes

Inversores mineros institucionales

Tamaño de inversión dirigida: $ 50 millones a $ 500 millones en posibles inversiones de proyectos de Arctic y Bornite.

Tipo de inversor	Rango de inversión promedio	Enfoque geográfico
Inversores mineros institucionales	$ 75-250 millones	América del Norte, Canadá

Empresas de comercio de metales

Volúmenes potenciales de cobre y zinc: 100,000-250,000 toneladas métricas anualmente.

Compañía de Comercio de Metal	Volumen de negociación anual	Interés potencial
Comerciantes de metales globales	150,000 toneladas métricas	Concentrados de cobre/zinc

Corporaciones mineras globales

• Corporaciones objetivo con capitalización de mercado de más de $ 5 mil millones
• Centrarse en empresas con interés estratégico en la región ártica
• Valor de inversión de empresa conjunta potencial: $ 200-500 millones

Fondos de inversión de recursos

Tipo de fondo	Capacidad de inversión	Metales preferidos
Fondos de recursos naturales	$ 100-750 millones	Cobre, zinc, elementos de tierras raras

Organizaciones estratégicas de adquisición de metales

Requisitos estimados de adquisición de metales anuales: 75,000-200,000 toneladas métricas.

Categoría de adquisición	Volumen anual	Interés estratégico
Compradores de metales industriales	125,000 toneladas métricas	Concentrados de cobre y zinc

Trilogy Metals Inc. (TMQ) - Modelo de negocio: Estructura de costos

Gastos de exploración y estudio geológico

En el año fiscal 2023, Trilogy Metals Inc. reportó gastos de exploración de $ 8.3 millones para los proyectos del Ártico y Bornite en Alaska.

Categoría de gastos	Cantidad (USD)
Mapeo geológico	$ 1.2 millones
Operaciones de perforación	$ 4.5 millones
Encuestas geofísicas	$ 2.6 millones

Costos de cumplimiento ambiental y permisos

Los gastos de cumplimiento ambiental y regulatorio para 2023 totalizaron aproximadamente $ 3.7 millones.

• Evaluaciones de impacto ambiental: $ 1.1 millones
• Permisos y presentaciones regulatorias: $ 1.5 millones
• Monitoreo ambiental: $ 1.1 millones

Salarios de expertos técnicos y de personal técnico

Categoría de empleado	Salario anual promedio	Costo total del personal
Expertos técnicos	$180,000	$ 2.16 millones
Personal geológico	$140,000	$ 1.68 millones
Personal administrativo	$85,000	$ 1.02 millones

Inversiones de equipos y tecnología

Las inversiones totales de equipos y tecnología en 2023 alcanzaron $ 5.6 millones.

• Equipo de perforación: $ 2.3 millones
• Tecnología de mapeo geológico: $ 1.8 millones
• Equipo de teledetección: $ 1.5 millones

Desarrollo de proyectos y gastos de infraestructura

Los costos de infraestructura y desarrollo de proyectos para los proyectos del Ártico y Bornite ascendieron a $ 12.4 millones en 2023.

Componente de infraestructura	Gasto (USD)
Preparación del sitio	$ 4.2 millones
Construcción de carreteras de acceso	$ 3.6 millones
Instalaciones temporales de campamento	$ 2.8 millones
Infraestructura logística	$ 1.8 millones

Trilogy Metals Inc. (TMQ) - Modelo de negocios: flujos de ingresos

Posibles ventas de minerales futuras

Trilogy Metals Inc. se centra en las posibles ventas de minerales de los proyectos de Growa de Copper-Zinc-Silver de Copper-ZinC de Arctic y Bornite ubicados en el distrito minero Ambler de Alaska.

Recurso mineral	Cantidad estimada	Rango de valor potencial
Cobre	5.5 mil millones de libras	$ 11.5 mil millones - $ 13.2 mil millones
Zinc	2.9 mil millones de libras	$ 5.8 mil millones - $ 6.5 mil millones
Dirigir	0.500 millones de libras	$ 750 millones - $ 900 millones

Acuerdos de asociación de empresas conjuntas

Trilogy Metals tiene una asociación estratégica de empresa conjunta con South32, con detalles financieros clave:

• South32 puede ganar hasta un 50% de interés en los proyectos minerales superiores de Kobuk
• Compromiso de inversión inicial de $ 50 millones
• Inversión total potencial hasta $ 150 millones

Derechos de exploración de recursos minerales

Derechos de exploración para el distrito minero Ambler que cubre aproximadamente 178,000 acres.

Área de proyecto	Posición de tierra	Potencial de exploración estimado
Proyecto ártico	50,000 acres	Valor mineral potencial de $ 500 millones
Proyecto de Bornite	64,000 acres	Valor mineral potencial de $ 750 millones

Inversiones de desarrollo de proyectos estratégicos

Inversiones actuales de desarrollo de proyectos y requisitos de capital estimados:

• Gasto de capital inicial estimado: $ 1.2 mil millones
• Vida mina proyectada: 12-15 años
• Potencial de producción anual:
  • Cobre: ​​150-180 millones de libras
  • Zinc: 80-100 millones de libras

Licencias potenciales de recursos de metal

Potencios de licencias e ingresos por regalías de la exploración mineral y los derechos de desarrollo.

Categoría de licencias	Potencial de ingresos anual estimado	Porcentaje de regalías
Derechos de exploración mineral	$ 5-10 millones	2-3%
Derechos de desarrollo	$ 15-25 millones	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.