On October 6, 2025, President Trump issued a decision under Section 1106 of the Alaska National Interest Lands Conservation Act that granted permits for the Ambler Access Project, a 211‑mile industrial road from the Upper Kobuk Mineral Projects to the Dalton Highway. The decision reversed a June 2024 denial by the Biden administration and directed federal agencies to finalize all necessary permits, ensuring secure access for mining and industrial use while protecting subsistence activities.
The Ambler Road is a critical infrastructure asset that will enable exploration and development of Trilogy’s Arctic and Bornite deposits, which contain high‑grade copper, zinc, lead, gold, and cobalt. The project’s design includes environmental protections for caribou migration routes and fish habitats, and it is expected to bring long‑term economic benefits to nearby Alaska Native communities through employment and contracting opportunities.
On the same day, Trilogy, South32 Limited, and Ambler Metals LLC entered into a binding letter of intent with the U.S. Department of War (DOW). The agreement outlines a $35.6 million investment, with DOW acquiring a 10 % equity stake in Trilogy and a 10‑year call option to purchase additional shares. DOW will also invest $17.8 million in Trilogy in exchange for 8,215,570 units, each comprising one common share and three‑quarters of a 10‑year warrant, and will pay $17.8 million to South32 for its Trilogy shares.
The combined regulatory approval and federal investment unlocks both the physical infrastructure and the capital required to advance the Upper Kobuk Mineral Projects. These actions position Trilogy to accelerate exploration, secure financing, and strengthen its strategic partnership with South32, thereby enhancing long‑term value creation for shareholders.
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