Unlocking Alaska’s Critical Corridor: How Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) Is Well Positioned in America’s Future Mineral Supply Chain

Disseminated on behalf of Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) and may include paid advertising.

• The Department of the Interior’s decision to open 2.1 million acres in Alaska’s Dalton Corridor clears a path for expanded mining access tied to the Ambler Road.
• Trilogy Metals holds a 50% interest in Ambler Metals, which owns 100% of the Upper Kobuk Mineral Projects spanning 190,929 hectares in the Ambler Mining District.
• The Arctic deposit hosts 46.7 million tonnes of probable mineral reserves grading 2.11% copper, alongside zinc, lead, gold and silver credits, positioning it among the highest-grade copper projects globally.

The United States’ push to secure domestic supplies of critical minerals has moved from policy discussion to actionable infrastructure decisions. Copper, zinc, silver and cobalt are essential inputs for power grid expansion, data centers, advanced manufacturing and defense systems. As federal agencies reopen access to strategic corridors in Alaska, the Ambler Mining District is re-emerging as one of the most consequential undeveloped mineral belts in North America.

In February 2026, the US Department of the Interior announced the revocation of two long-standing public land withdrawals in Alaska’s Dalton Utility Corridor, opening approximately 2.1 million acres to mining entry. The action was tied to Executive Orders aimed at strengthening domestic energy and mineral production.

The Dalton Corridor includes portions of the route of the proposed 211-mile Ambler Access Road – the essential transportation link between the Upper Kobuk Mineral Projects and the Dalton Highway.

By opening 2.1 million acres of previously withdrawn land in the corridor, the federal government has removed a major land-status barrier, strengthening the foundation for road permitting, construction, and long-term infrastructure planning.

The Ambler District: A Domestic Source of Six Critical Minerals

Trilogy Metals (NYSE American: TMQ) (TSX: TMQ) holds a 50% interest in Ambler Metals LLC – a joint venture with South32 Limited – that owns 100% of the Upper Kobuk Mineral Projects in northwestern Alaska. The land package spans approximately 190,929 hectares, or 471,796 acres, across a largely underexplored volcanogenic massive sulphide belt.

The district hosts copper, zinc, lead, silver, cobalt and germanium, metals identified by the US Geological Survey as critical to national supply chains. Copper remains central, given its role in electrification and transmission infrastructure, while zinc supports galvanizing and renewable energy components, and cobalt contributes to battery chemistry.

Two primary deposits anchor the development strategy: Arctic and Bornite.

Arctic: A High-Grade Copper Development Asset

The Arctic deposit is supported by a completed feasibility study and contains 46.7 million tonnes of probable mineral reserves grading 2.11% copper, 2.9% zinc, 0.56% lead, 0.42 g/t gold and 31.8 g/t silver. On a copper-equivalent basis, reserves average approximately 3.7%.

At a base case copper price of $3.65 per pound, the feasibility study outlines a pre-tax net present value of $1.5 billion and a pre-tax internal rate of return of 25.8%. The project is designed as a 10,000 tonne-per-day open pit operation with an estimated 13-year mine life.

Importantly, Arctic is structured to produce three separate concentrates: copper, zinc and a precious metals concentrate. By-product credits materially lower projected cash costs, enhancing economic resilience across commodity cycles.

Bornite: Extending District Life

South of Arctic, the Bornite deposit provides longer-term optionality. A January 2025 preliminary economic assessment outlines a 17-year mine life with average annual production of 109 million pounds of copper. At a $4.20 per pound copper base case, the study indicates a pre-tax NPV of $552 million and a pre-tax IRR of 23.6%.

Bornite hosts 6.527 billion pounds of inferred copper resources. Management has indicated that development sequencing could allow Bornite to extend total district mine activity to over 30 years.

Infrastructure as the Catalyst

In late 2025, federal right-of-way permits were reinstated for the Ambler Road, and the Alaska Industrial Development and Export Authority continues to advance planning. The recent Interior Department decision to open 2.1 million acres north of the Yukon River reinforces the policy direction supporting resource access in the Dalton Corridor.

For Trilogy and its joint venture partner, this alignment between federal infrastructure policy and domestic mineral strategy improves certainty around physical access to the Ambler Mining District.

Capital Position and Federal Support

As of November 30, 2025, Trilogy reported approximately $50 million in cash and no debt. In October 2025, Trilogy, South32 and Ambler Metals also signed a binding letter of intent for a US federal investment of $35.6 million to advance the Upper Kobuk Mineral Projects, for a 10% equity interest in Trilogy. This underscores the growing federal interest in securing domestic sources of copper and other critical minerals.

With an approved $35 million 2026 budget at Ambler Metals focused on permitting, exploration and development milestones, the near-term priority is initiation of mine permitting for the Arctic project and advancement of technical work.

For more information, visit www.TrilogyMetals.com.

NOTE TO INVESTORS: The latest news and updates relating to Trilogy Metals are available in the company’s newsroom at ibn.fm/TMQ

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