Trilogy Metals announced a $35.6 million strategic equity investment from the U.S. Department of War, closing on September 11, 2026, to fund exploration and development of the Upper Kobuk Mineral Projects in northwestern Alaska. The announcement updates the transaction figure previously described in the company's quarterly materials as approximately $17.8 million in gross proceeds to Trilogy. Under the earlier transaction details, Trilogy issued 8,215,570 units at $2.17 each, while South32 Limited agreed to make a matching pro-rata contribution and preserve Trilogy's 50% ownership of Ambler Metals LLC. Trilogy also reported $31.2 million in cash and cash equivalents as of August 31, 2026, and said the Arctic Project was proceeding under a 29-month permitting schedule targeting a Record of Decision in September 2028.