Trilogy Metals Files NI 43-101 Technical Report for the Previously Announced Bornite Preliminary Economic Assessment

Rhea-AI Summary

Trilogy Metals (TSX/NYSE: TMQ) has filed a National Instrument 43-101 technical report for the Bornite Project's Preliminary Economic Assessment (PEA) in Northwest Alaska. The report, effective January 15, 2025, follows the previously announced PEA results with no material differences. The company will also file an S-K 1300 technical report with the SEC.

The Bornite copper project is held by Ambler Metals , a joint venture equally owned by Trilogy and South32 The PEA was prepared on a 100% ownership basis, with Trilogy's share being 50%. Independent consultants including Wood Canada , Ausenco Engineering, SRK Consulting, International Metallurgical & Environmental, and Core Geoscience prepared the assessment.

Positive

• Joint venture structure reduces financial risk with 50-50 ownership between Trilogy Metals and South32

Negative

• PEA has not been reviewed by South32 or Ambler Metals, indicating potential uncertainty in partner approval

Insights

Mining Industry Analyst

The filing of the NI 43-101 Technical Report for the Bornite Project represents a important regulatory milestone that moves Trilogy Metals closer to potential project development. This comprehensive technical documentation serves multiple strategic purposes:

• The simultaneous filing under both Canadian (NI 43-101) and US (S-K 1300) standards positions the project for access to capital markets in both jurisdictions, enhancing funding flexibility.
• The engagement of five independent consulting firms, including industry leaders like Wood Canada and Ausenco, provides robust third-party validation of the project's technical and economic parameters.
• The fact that South32, Trilogy's 50-50 joint venture partner, has not reviewed the PEA is noteworthy and suggests this assessment represents Trilogy's independent evaluation of the project's potential.

From an investor perspective, this technical filing is particularly significant as it provides a foundation for future project development decisions and potential financing arrangements. The PEA serves as the first comprehensive economic evaluation of the Bornite copper project, offering a baseline for future feasibility studies and development planning.

The confirmation that there are no material differences from the January 15 announcement provides stability to the previous economic projections and reinforces the reliability of the initial assessment. This technical documentation will likely serve as a cornerstone for future project advancement decisions and stakeholder discussions.

VANCOUVER, BC, Feb. 13, 2025 /PRNewswire/ - Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals" or the "Company") has filed a National Instrument 43-101 technical report titled "NI 43-101 Technical Report on the Preliminary Economic Assessment of the Bornite Project, Northwest Alaska, USA" with an effective date of January 15, 2025 and a filing date of February 13, 2025 with the Canadian securities regulators (the "NI 43-101 Report"). The Company will also be filing a S-K 1300 technical report summary titled "S-K 1300 Technical Report Summary on the Initial Assessment of the Bornite Project, Northwest Alaska, USA" with an effective date of November 30, 2024 with the United States Securities and Exchange Commission. A copy of the applicable report will be available under the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and on the Company's website at www.trilogymetals.com.

The Preliminary Economic Assessment ("PEA") was prepared for the Bornite copper project ("Bornite Project") located in the Ambler Mining District of Northwestern Alaska. The Bornite Project is held by Ambler Metals LLC ("Ambler Metals"), the joint venture operating company equally owned by Trilogy and South32 Limited ("South32"). The PEA has not been reviewed by South32 or Ambler Metals. The PEA was prepared on a 100% ownership basis, of which Trilogy's share is 50%. The results of the PEA were announced on January 15, 2025. There are no material differences in the NI 43-101 Report from those results disclosed in the Company's news release dated January 15, 2025.

Trilogy Metals engaged independent consultants, Wood Canada Limited, Ausenco Engineering Canada ULC, SRK Consulting (Canada) Inc., International Metallurgical & Environmental Inc., and Core Geoscience LLC to prepare the PEA on a 100% ownership basis, under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). An Initial Assessment for the Bornite Project was also prepared on a 100% ownership basis in accordance with Subpart 1300 and Item 601 of the Regulation S-K.

Qualified Persons

Richard Gosse, P.Geo., Vice President, Exploration for Trilogy Metals, is a Qualified Person as defined by NI 43-101. Mr. Gosse has reviewed and approved the scientific and technical information in this news release.

About Trilogy Metals

Trilogy Metals Inc. is a metal exploration and development company which holds a 50 percent interest in Ambler Metals LLC, which has a 100 percent interest in the Upper Kobuk Mineral Projects in northwestern Alaska. On December 19, 2019, South32, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy Metals. The UKMP is located within the Ambler Mining District which is one of the richest and most-prospective known copper-dominant districts in the world. It hosts world-class polymetallic volcanogenic massive sulphide ("VMS") deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler Mining District – the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within a land package that spans approximately 190,929 hectares. Ambler Metals has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation that provides a framework for the exploration and potential development of the Ambler Mining District in cooperation with local communities. Trilogy Metals' vision is to develop the Ambler Mining District into a premier North American copper producer while protecting and respecting subsistence livelihoods.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. These forward-looking statements may include statements regarding perceived merit of properties; the exploration potential of the UKMP; and other statements that are not statements of fact.  Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the risks and uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2023 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

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SOURCE Trilogy Metals Inc.

FAQ

What is the effective date of TMQ's Bornite Project PEA technical report?

The NI 43-101 technical report for the Bornite Project PEA has an effective date of January 15, 2025.

Who owns the Bornite Project where TMQ filed its recent PEA?

The Bornite Project is owned by Ambler Metals , a 50-50 joint venture between Trilogy Metals and South32

Which independent consultants prepared TMQ's Bornite Project PEA?

The PEA was prepared by Wood Canada , Ausenco Engineering Canada ULC, SRK Consulting, International Metallurgical & Environmental Inc., and Core Geoscience

What is TMQ's ownership percentage in the Bornite Project?

Trilogy Metals owns 50% of the Bornite Project through its joint venture with South32 in Ambler Metals