Department of War Announces $35.6 Million Strategic Equity Investment in Trilogy Metals to Secure Critical Copper, Cobalt, and Germanium Supplies in Northwest Alaska Policy (IBP), in partnership with the Economic Defense Unit (EDU), announced today a $35.6 million equity investment in Trilogy Metals Inc. (NYSE: TMQ) through the Industrial Base Analysis and Sustainment (IBAS) program. This strategic partnership establishes a secure, domestic supply of copper, cobalt, germanium, and other critical minerals essential for national defense systems and the broader U.S. Defense Industrial Base. Under the terms of the executed agreement, DoW's $35.6 million investment secures a 10% direct ownership stake in Trilogy Metals, along with 7.5% in penny warrants, representing a total combined U.S. government economic position of 17.5%. These funds will be directed to support exploration, engineering, and infrastructure development at the Upper Kobuk Mineral Projects (UKMP) in Northwest Alaska, a district-scale, under-explored land package managed under a 50/50 joint venture (Ambler Metals LLC) between Trilogy Metals and South32 Limited. "To build a robust Defense Industrial Base, we must secure the foundational materials that enable it," said the Honorable Mike Cadenazzi, Assistant Secretary of War for Industrial Base Policy. "This partnership with Trilogy Metals is a decisive investment in America's supply chain independence and our long-term national security."