Why it’s on the map
Alaska Ambler district copper/cobalt/zinc — displaces imports hit by Section 232 copper tariffs.
Government money & contracts
Dept of War definitive agreements signed Aug 28, 2026: $35.6M total ($17.8M to Trilogy, $17.8M to JV partner South32) for about 10% non-diluted stakes (units at $2.17 + warrants at $0.01); DoW to help finance Ambler Road. Closing Sept 2026.
Customers & commercial
JV partner South32.
Catalysts
Closing Sept 2026; earnings Sept 29; Ambler Road permitting.
Risk
Exploration-stage; road unbuilt; litigation.
Tariff durability
Newest government equity deal on the books.
Dividend
None
No payout history
Trilogy Metals does not currently pay a dividend. The trade here is the move, not the check. See the names that do pay →