Trump says Netanyahu did not defy him by attacking Iran - BBC VANCOUVER, British Columbia - Trilogy Metals Inc. (NYSE American:TMQ) (TSX:TMQ) announced today that field crews have mobilized to the Upper Kobuk Mineral Projects in northwestern Alaska to begin the 2026 summer exploration program. The program will include approximately 40 drill holes targeting a minimum of 5,400 meters, focused on the Arctic copper-zinc-lead-gold-silver project’s waste rock storage facilities and tailings footprint areas to support mine design and permitting, according to a press release statement.
Drilling is scheduled to start on June 15 and continue through September using two diamond drill rigs. The Upper Kobuk Mineral Projects, encompassing approximately 190,929 hectares, are being advanced by Ambler Metals LLC, a 50/50 joint venture between Trilogy and South32 Limited (ASX, LSE, JSE:S32; ADR:SOUHY). South32, with a market capitalization of $14.2 billion, has delivered strong returns with shares up 72% over the past year and 46% in the last six months.
The diversified mining company maintains a "GREAT" financial health score according to InvestingPro analysis. The portfolio includes the Arctic deposit and the Bornite copper-cobalt deposit. The Arctic Project has an estimated average grade of approximately 5% copper equivalent, based on probable mineral reserves.
The Bornite deposit is projected to yield 1.9 billion pounds of copper over a 17-year mine life, based on inferred mineral resources of 208.9 million tonnes grading 1.42% copper. The company stated the program will also include work at the Bornite camp to prepare for exploration and development activities in 2027, and regional exploration to advance mineral occurrences across the UKMP for potential drilling next year. Trilogy announced that Ron Rimelman has been appointed President of Ambler Metals to lead the joint venture through the permitting process.
Rimelman previously served as Senior Director of Permitting at Ambler Metals and brings over 40 years of experience in environmental review and permitting of natural resource projects. The company has an agreement with NANA Regional Corporation, an Alaska Native Corporation, for exploration and potential development of the Ambler Mining District. In other recent news, Trilogy Metals Inc.
announced a net loss of $7.1 million for the first quarter ending February 28, 2026, compared to a $3.6 million loss during the same period last year. This increase was attributed to a $1.5 million non-cash mark-to-market adjustment linked to a derivative liability and higher stock-based compensation charges. Additionally, Trilogy Metals extended the closing date for a $35.6 million strategic equity investment by the U.S.
Department of War from May 31, 2026, to July 31, 2026, to allow more time for finalizing documentation. The company also reported that its Arctic Project in Alaska has been accepted into the FAST-41 program, aimed at streamlining the federal permitting process. This project is being developed by Ambler Metals LLC, a joint venture between Trilogy Metals and South32 Limited.
Meanwhile, South32 has reduced its full-year production forecast for Australian manganese due to disruptions caused by Tropical Cyclone Narelle. Bank of America highlighted that the metals sector is gaining government attention as supply chain concerns persist, despite its low share in the MSCI All-world index.
