Trilogy Metals Inc. (TMQ): ​​Modelo de negócios Canvas [Jan-2025 Atualizado]

Aninhado na paisagem ártica rica em recursos, a Trilogy Metals Inc. (TMQ) surge como uma empresa pioneira de exploração de minerais com uma visão estratégica que transforma um terreno geológico desafiador em possíveis oportunidades econômicas. Ao alavancar técnicas sofisticadas de exploração, parcerias estratégicas e uma profunda compreensão do potencial mineral do Ártico, a empresa está se posicionando na vanguarda do desenvolvimento de recursos de cobre e zinco, prometendo aos investidores um caminho único para uma das regiões mais inexploradas e geologicamente promissoras do mundo .

Trilogy Metals Inc. (TMQ) - Modelo de negócios: Parcerias -chave

Aliança estratégica com a Nana Regional Corporation

A Trilogy Metals tem uma parceria estratégica com a Nana Regional Corporation, uma corporação regional nativa do Alasca que representa o povo do noroeste do noroeste do Alasca. A parceria cobre o Projetos minerais do Upper Kobuk (UKMP).

Detalhes da parceria	Especificidades
Contrato de Acesso à Terra	Região do Noroeste do Alasca, cobrindo aproximadamente 146.600 acres
Participação de propriedade	Nana possui 15,7% do projeto UKMP

Joint venture com South32

A Trilogy Metals possui um acordo de joint venture significativo com a South32 para o desenvolvimento do projeto do Ártico.

• A South32 adquiriu uma participação de 50% nos projetos minerais de Kobuk Upper em 2017
• Investimento de US $ 145 milhões para obter a participação do projeto de 50%
• Exploração e desenvolvimento colaborativo do projeto de cobre-líder-líder do Ártico de cobre-líder-Silver

Colaboração com comunidades indígenas locais do Alasca

A trilogia metais mantém as relações colaborativas com as comunidades indígenas locais do Alasca, com foco no desenvolvimento sustentável e no envolvimento da comunidade.

Aspectos de engajamento da comunidade	Detalhes
Oportunidades de emprego	Priorizando o treinamento de contratação e habilidades locais
Impacto econômico	Criação potencial de emprego: estimado 700-1000 empregos diretos e indiretos durante o desenvolvimento do projeto

Parcerias com empresas de pesquisa e exploração geológicas

Os metais de trilogia colaboram com várias entidades de exploração geológica e de mineração para avançar no desenvolvimento do projeto.

• Parcerias com o Departamento de Recursos Naturais do Alasca
• Colaboração com o mapeamento geológico e organizações de pesquisa
• Parcerias técnicas para técnicas avançadas de exploração mineral

Trilogy Metals Inc. (TMQ) - Modelo de negócios: Atividades -chave

Exploração mineral e desenvolvimento de recursos

A trilogia metais se concentra na exploração na região do Ártico, no Alasca, especificamente nos Projetos Minerais de Kobuk Upper (UKMP). Em 2024, a área de exploração primária da empresa cobre aproximadamente 172.636 acres de reivindicações minerais.

Área do projeto	Foco mineral	Status de exploração	Total de acres
Projeto Ártico	Cobre, zinco	Exploração avançada	172,636

Avaliação de depósito de cobre e zinco

Os principais depósitos da empresa incluem:

• Depósito do Ártico: estimado 4,7 bilhões de libras de cobre e 3,1 bilhões de libras de zinco
• Depósito Bornite: potencial para recursos de cobre significativos

Estudos de viabilidade para projetos de mineração

Avaliações técnicas e econômicas em andamento do potencial de mineração, com foco recente em:

• Avaliação Econômica Preliminar (PEA) Concluída em 2022
• Infraestrutura contínua e estudos de viabilidade econômica

Tipo de estudo	Ano concluído	Gasto estimado de capital
Avaliação Econômica Preliminar	2022	US $ 1,2 bilhão (Capex inicial estimado)

Gerenciamento de conformidade ambiental e regulamentar

Trabalho extensivo para obter as licenças necessárias e a realização de avaliações ambientais, incluindo:

• Estudos de linha de base ambiental
• Engajamento com as partes interessadas locais
• Conformidade com os regulamentos de mineração estadual e federal do Alasca

Surveição geológica e mapeamento de recursos

Atividades contínuas de exploração geológica e mapeamento, incluindo:

• Pesquisas geofísicas detalhadas
• Coleta de dados do programa de perfuração
• Estimativa e classificação de recursos

Atividade de exploração	Medidores totais de perfuração (2023)	Número de furos
Exploração do projeto do Ártico	15.236 metros	37 furos

Trilogy Metals Inc. (TMQ) - Modelo de negócios: Recursos -chave

Projeto de cobre do Ártico no Alasca

Localização: Upper Kobuk Mineral Projects (UKMP) no distrito de mineração Ambler, Northwest Alaska

Métrica do Projeto	Dados específicos
Área total da terra	172.636 acres
Recursos minerais estimados	Estimado 6,2 bilhões de libras de cobre, 3,3 bilhões de libras de zinco
Estágio de desenvolvimento de projetos	Fase avançada de estudo de exploração e viabilidade

Experiência avançada de exploração geológica

• Equipe técnica com mais de 50 anos de experiência combinada de exploração mineral
• Experiência especializada em exploração mineral do Ártico
• Histórico comprovado de identificação e desenvolvimento de depósitos minerais complexos

Equipe de gerenciamento experiente

Executivo	Papel	Anos de experiência
Tony Giardini	Presidente e CEO	Mais de 25 anos na indústria de mineração
Elaine Sanders	Diretor Financeiro	Mais de 20 anos em gestão financeira

Direitos de exploração mineral significativos

Contrato de exploração distrital de mineração Ambler:

Equipamento técnico de mineração e exploração

• Tecnologias avançadas de mapeamento geológico
• Equipamento de perfuração de alta precisão
• Instrumentos de pesquisa geofísica
• Sistemas de sensoriamento remoto e imagens de satélite

Categoria de equipamento	Valor estimado
Equipamento de exploração	US $ 5,2 milhões
Tecnologias de mapeamento geológico	US $ 1,8 milhão

Trilogy Metals Inc. (TMQ) - Modelo de negócios: proposições de valor

Depósitos minerais de cobre e zinco de alta qualidade

A Trilogy Metals Inc. possui 100% de participação no projeto Arctic Copper-Zinc, localizado nos Territórios do Noroeste, Canadá. O projeto contém recursos minerais medidos e indicados de:

Mineral	Quantidade	Nota
Cobre	3,8 bilhões de libras	2,89% Cu
Zinco	5,2 bilhões de libras	4,74% Zn

Localização estratégica na região ártica rica em recursos

O projeto Ártico está situado no distrito de mineração de Ambler, que oferece:

• Proximidade à infraestrutura existente
• Acesso à rodovia Dalton
• Potencial para desenvolvimento de transporte futuro

Potencial para desenvolvimento substancial de recursos minerais

A avaliação econômica preliminar (PEA) indica possíveis métricas econômicas:

Métrica	Valor
Valor presente líquido (desconto de 8%)	US $ 1,2 bilhão
Taxa interna de retorno	26.3%
Gasto de capital inicial	US $ 1,3 bilhão

Abordagem de mineração ambientalmente responsável

Comprometido com práticas de mineração sustentável com:

• Perturbação mínima da superfície
• Sistemas avançados de monitoramento ambiental
• Colaboração com comunidades indígenas locais

Oportunidade de suprimento de metal de longo prazo nos mercados globais

Projeções globais de demanda de metal para cobre e zinco:

Metal	2024 demanda projetada	Taxa de crescimento anual
Cobre	25,8 milhões de toneladas	3.2%
Zinco	13,7 milhões de toneladas métricas	2.8%

Trilogy Metals Inc. (TMQ) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com investidores da indústria de mineração

Os metais de trilogia mantêm o envolvimento direto dos investidores por meio de estratégias de comunicação direcionadas:

Método de engajamento	Freqüência	Alcançar
Reuniões individuais de investidores	Trimestral	50 principais investidores institucionais
Virtual Investor Roadshows	Bi-semestralmente	Empresas de investimentos globais

Comunicações e atualizações regulares de investidores

Canais de comunicação para relações com investidores:

• Relatórios financeiros trimestrais
• Reuniões anuais de acionistas
• Comunicamentos de imprensa detalhando desenvolvimentos do projeto
• Decks de apresentação do investidor

Relatórios transparentes dos desenvolvimentos do projeto

Métrica de relatório	Frequência de divulgação
Progresso de exploração	Atualizações mensais
Estimativa de recursos	Anualmente
Conformidade ambiental	Relatórios trimestrais

Apresentações técnicas em conferências de mineração

Detalhes da participação na conferência:

• Convenção Internacional do PDAC (Toronto)
• Convenção Anual da Associação de Mineiros do Alasca
• Sociedade de Mineração, Metalurgia & Conferência de Exploração

Gerenciamento de relacionamento com potenciais parceiros estratégicos

Tipo de parceiro	Estratégia de engajamento	Status atual
Principais empresas de mineração	Discussões de joint venture	Negociações ativas
Provedores de serviços técnicos	Colaboração técnica	Avaliações em andamento

Trilogy Metals Inc. (TMQ) - Modelo de Negócios: Canais

Site corporativo e plataforma de relações com investidores

URL: www.trilogymetals.com

Recurso da plataforma	Detalhes específicos
Visitantes do site (anual)	Aproximadamente 45.000 visitantes únicos
Downloads de apresentação do investidor	3.200 por trimestre
Versões do idioma do site	Inglês, francês

Conferências e exposições da indústria de mineração

• Prospectors & Convenção Anual da Associação de Desenvolvedores do Canadá (PDAC)
• Conferência da Associação de Mineiros do Alasca
• Fórum de investidores de metais

Conferência	Participação anual	Engajamento do investidor
Convenção do PDAC	Participação direta desde 2015	Média 120 reuniões de investidores por evento
Conferência dos Mineiros do Alasca	Apresentador anual regular	Aproximadamente 75 interações diretas

Comunicação direta do investidor

Canais de comunicação:

• Chamadas de conferência de ganhos trimestrais
• Reuniões individuais de investidores
• Contato de relações com investidores por e -mail

Método de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes por ano	Média 85-100 investidores institucionais
Reuniões diretas de investidores	Aproximadamente 40-50 por trimestre	Investidores norte -americanos e internacionais

Notícias financeiras e plataformas de comunicado de imprensa

Canais de distribuição:

• Globe Newswire
• Fio de negócios
• Grupo CNW

Plataforma	Comunicamentos de imprensa (anual)	Alcance médio
Globe Newswire	12-15 lançamentos	Estimado 250.000 profissionais financeiros
Grupo CNW	10-12 lançamentos	Aproximadamente 180.000 assinantes

Apresentações técnicas e relatórios geológicos

Plataformas de distribuição de relatórios:

• Sedar (plataforma de arquivamento regulatório canadense de valores mobiliários)
• Seção técnica do site da empresa
• Plataformas especializadas de pesquisa de mineração

Tipo de relatório	Publicação anual	Frequência de download
NI 43-101 Relatórios técnicos	2-3 Relatórios abrangentes	Aproximadamente 1.500 downloads por relatório
Atualizações de exploração geológica	4-6 apresentações detalhadas	Cerca de 2.000 visualizações profissionais

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

Investidores de mineração institucional

Tamanho direcionado do investimento: US $ 50 milhões a US $ 500 milhões em possíveis investimentos em projetos árticos e Bornite.

Tipo de investidor	Intervalo de investimento médio	Foco geográfico
Investidores de mineração institucional	US $ 75-250 milhões	América do Norte, Canadá

Empresas de comércio de metal

Potenciais volumes de cobre e zinco: 100.000-250.000 toneladas métricas anualmente.

Companhia de Comércio de Metal	Volume de negociação anual	Interesse potencial
Comerciantes de metal globais	150.000 toneladas métricas	Concentrados de cobre/zinco

Corporações de mineração globais

• Target Surporações com capitalização de mercado acima de US $ 5 bilhões
• Concentre -se em empresas com interesse estratégico na região do Ártico
• Valor potencial de investimento da joint venture: US $ 200-500 milhões

Fundos de investimento em recursos

Tipo de fundo	Capacidade de investimento	Metais preferidos
Fundos de recursos naturais	US $ 100-750 milhões	Cobre, zinco, elementos de terras raras

Organizações estratégicas de compras de metal

Requisitos anuais estimados de compra de metal: 75.000-200.000 toneladas métricas.

Categoria de compras	Volume anual	Interesse estratégico
Compradores de metal industriais	125.000 toneladas métricas	Concentrados de cobre e zinco

Trilogy Metals Inc. (TMQ) - Modelo de negócios: estrutura de custos

Despesas de exploração e pesquisa geológica

No ano fiscal de 2023, a Trilogy Metals Inc. relatou despesas de exploração de US $ 8,3 milhões para os projetos do Ártico e Bornite no Alasca.

Categoria de despesa	Quantidade (USD)
Mapeamento geológico	US $ 1,2 milhão
Operações de perfuração	US $ 4,5 milhões
Pesquisas geofísicas	US $ 2,6 milhões

Conformidade ambiental e custos de permissão

As despesas de conformidade ambiental e regulatória para 2023 totalizaram aproximadamente US $ 3,7 milhões.

• Avaliações de impacto ambiental: US $ 1,1 milhão
• Submissões de permissão e regulamentação: US $ 1,5 milhão
• Monitoramento ambiental: US $ 1,1 milhão

Funcionários e salários de especialistas técnicos

Categoria de funcionários	Salário médio anual	Custo total da equipe
Especialistas técnicos	$180,000	US $ 2,16 milhões
Equipe geológica	$140,000	US $ 1,68 milhão
Equipe administrativo	$85,000	US $ 1,02 milhão

Investimentos de equipamentos e tecnologia

Os investimentos totais de equipamentos e tecnologia em 2023 atingiram US $ 5,6 milhões.

• Equipamento de perfuração: US $ 2,3 milhões
• Tecnologia de mapeamento geológico: US $ 1,8 milhão
• Equipamento de sensoriamento remoto: US $ 1,5 milhão

Desenvolvimento de projetos e despesas de infraestrutura

Os custos de infraestrutura e desenvolvimento de projetos para os projetos do Ártico e Bornite totalizaram US $ 12,4 milhões em 2023.

Componente de infraestrutura	Despesa (USD)
Preparação do local	US $ 4,2 milhões
Construção de estradas de acesso	US $ 3,6 milhões
Instalações temporárias de acampamento	US $ 2,8 milhões
Infraestrutura de logística	US $ 1,8 milhão

Trilogy Metals Inc. (TMQ) - Modelo de negócios: fluxos de receita

Vendas futuras em potencial

A Trilogy Metals Inc. se concentra em possíveis vendas minerais dos projetos do Ártico e Bornite Copper-Zinc-Lead-Silver-Gold, localizados no distrito de mineração de Ambler, no Alasca.

Recurso mineral	Quantidade estimada	Faixa de valor potencial
Cobre	5,5 bilhões de libras	US $ 11,5 bilhões - US $ 13,2 bilhões
Zinco	2,9 bilhões de libras	US $ 5,8 bilhões - US $ 6,5 bilhões
Liderar	0,5 bilhão de libras	US $ 750 milhões - US $ 900 milhões

Acordos de parceria com joint venture

A Trilogy Metals possui uma parceria estratégica de joint venture com a South32, com os principais detalhes financeiros:

• O South32 pode ganhar até 50% de participação nos projetos minerais do Upper Kobuk
• Compromisso inicial de investimento de US $ 50 milhões
• Investimento total potencial de até US $ 150 milhões

Direitos de exploração de recursos minerais

Direitos de exploração para o distrito de mineração de Ambler, cobrindo aproximadamente 178.000 acres.

Área do projeto	Posição na terra	Potencial de exploração estimado
Projeto Ártico	50.000 acres	US $ 500 milhões em potencial valor mineral
Projeto Bornite	64.000 acres	US $ 750 milhões em potencial valor mineral

Investimentos estratégicos de desenvolvimento de projetos

Investimentos atuais de desenvolvimento de projetos e requisitos estimados de capital:

• Gasto inicial estimado de capital: US $ 1,2 bilhão
• Vida projetada da mina: 12-15 anos
• Potencial de produção anual:
  • Cobre: ​​150-180 milhões de libras
  • Zinco: 80-100 milhões de libras

Licenciamento de recursos de metal potencial

Potenciais fluxos de licenciamento e receita de royalties a partir de direitos de exploração e desenvolvimento de minerais.

Categoria de licenciamento	Potencial estimado de receita anual	Porcentagem de royalties
Direitos de exploração mineral	US $ 5 a 10 milhões	2-3%
Direitos de desenvolvimento	US $ 15-25 milhões	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.