Trilogy Metals and U.S. Department of War Extend Investment Deadline to July 31

Trilogy Metals provided the following update on the previously announced proposed strategic equity investment of $35.6M by the U.S. Department of War. Trilogy and the DOW have agreed to extend the targeted closing date for the investment from May 31 to July 31 to account for the time required to finalize definitive documentation. The company expects to close the transaction on or before July 31. Ambler Metals, South32, Trilogy Metals, and the U.S. Government are discussing a framework agreement that would govern the financing and construction of the Ambler Access Project, the proposed 211-mile, industrial-use-only road from the Ambler Mining District to the Dalton Highway. As part of these discussions, the parties are exploring potential pathways for financing the Ambler Road. The U.S. Government has completed its Foreign Ownership, Control or Influence risk assessment of Trilogy Metals, enabling the parties to finalize the definitive agreements required for closing. The U.S. Congress has reauthorized the Defense Production Act, providing the continued statutory foundation for the U.S. Government's strategic equity investment program in domestic critical mineral companies, including this investment in Trilogy Metals. The extension to July 31 provides the time needed to finalize and execute the remaining transaction documents.