History
Trilogy Metals, once NovaCopper, tried a Colombian gold detour, then refocused on Alaska copper, formed a 50/50 venture with South32, and in 2025 signed a US government investment letter of intent.
2014-2016: A detour to Colombia
In 2014 the company was called NovaCopper and its focus was copper in northwest Alaska. In February 2014 it filed an 8-K furnishing a press release on 2013 assay results from its re-sampling and re-assaying program at the Bornite Project, titled as confirming and extending previously known mineralization. In July it closed a US$7.5 million private placement of 6,521,740 units at US$1.15, sold to three existing shareholders. Each unit carried a share and a warrant to buy another share at US$1.60 for five years. The filing did not say what the money was for.
In April 2015 NovaCopper agreed to buy Sunward Resources, a Colombia-focused gold explorer, in an all-share deal at 0.3 NovaCopper shares per Sunward share. Sunward holders would own about 42% of the combined company. The deal had a related-party twist: major shareholder Electrum held 27.8% of NovaCopper and, through an affiliated fund, 18.2% of Sunward, and some directors abstained from the board vote. Shareholder meetings were set for June 15, and the purchase was completed on June 25, 2015, adding the Titiribi gold project. The share count rose from 60,296,365 at the end of 2014 to 104,796,421 a year later, which fits an all-share acquisition of this size. The diversification was short-lived. In September 2016 the company sold Sunward Investments, and with it Titiribi, to Brazil Resources for 5 million shares and 1 million warrants, returning to a purely Alaskan focus.
2017-2019: South32 arrives
In March 2017 the company approved a $7.1 million budget for a pre-feasibility study on its high-grade Arctic deposit, a copper-zinc-lead-gold-silver deposit averaging 6% copper equivalent. In April it signed an option agreement with South32. South32 had to fund at least $10 million a year for up to three years, and contribute a minimum of $150 million to exercise the option and form a 50/50 joint venture over the Upper Kobuk Mineral Projects, covering Arctic and Bornite. Later that month, in-fill drilling lifted Arctic's Indicated resource tonnes by 50%, to 36.0 million tonnes at 3.07% copper and 4.23% zinc.
The pre-feasibility technical report was filed in April 2018, confirming a conventional 10,000 tonne-per-day open-pit mine and mill. The same month the company agreed a bought-deal offering of 21.55 million shares at $1.16, about $25 million, to help fund Arctic feasibility and permitting, Ambler district exploration and general purposes. Shares on issue rose from 105,684,523 at the end of 2017 to 131,585,612 at the end of 2018.
2019-2022: The joint venture
In December 2019 South32 exercised its option, agreeing to pay about $145 million. On February 18, 2020 the two companies formed Ambler Metals LLC, a 50/50 joint venture that took over the Upper Kobuk assets. In October 2020 Trilogy furnished a full feasibility study technical report for Arctic, with an effective date of August 20, 2020. In January 2022 it released an updated Bornite resource: 41.7 million tonnes indicated at 1.04% copper and 93.9 million tonnes in-pit inferred at 0.98% copper, plus a 50.3 million tonne inferred zone at 2.97% copper below the pit.
2023-2025: Small raisings and a government deal
In April 2023 Trilogy closed a US$3.22 million placement of 5,854,545 shares at US$0.55 for general corporate purposes. Electrum and South32 each put in US$1.2 million, and with CEO Tony Giardini insiders bought 4,545,454 shares. Shares outstanding were 154,837,574, with Electrum at 21.0% and South32 at 12.0%. The record is quiet for the rest of 2023 and 2024.
In February 2025 the company filed technical reports formalizing a Preliminary Economic Assessment for Bornite. In October 2025 Trilogy, South32 and Ambler Metals signed a binding letter of intent with the U.S. Department of War for a roughly $35.6 million investment. The government would buy new Trilogy units and existing South32-held shares, together about 10% of the company. It would get a three-year right to appoint one independent director and commit to help advance permitting and financing of the Ambler Access Road, subject to Defense Production Act reauthorization and a national-security ownership review. In November 2025 Trilogy replaced its $25 million at-the-market equity facility with a $200 million one.
As of its latest beat, in November 2025, the government investment was still a signed letter of intent, subject to those conditions, and Trilogy held its Alaska copper assets through its 50/50 venture with South32.
Written from the 22 story beats below (2014 to 7 Nov 2025), which come from the company's own announcements and filings.