Department of War Announces $35.6 Million Strategic Equity Investment in Trilogy Metals to Secure Critical Copper, Cobalt, and Germanium Supplies in Northwest Alaska

Aug. 28, 2026 |

The Department of War's (DoW) Office of the Assistant Secretary of War for Industrial Base 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."

The transaction directly follows the revival and approval of the Ambler Road Project, a proposed 211-mile industrial access road from the Dalton Highway to the remote UKMP district, which was declared crucial for national security to facilitate the extraction of strategic minerals. The project is projected to create more than 2,730 construction jobs and 500 long-term mining jobs in Alaska, generating over $1.1 billion in state revenues, while driving downstream smelting, refining, and high-value manufacturing across multiple states including Arizona, Utah, Texas, Ohio, and Pennsylvania.

"The Department is tirelessly working to secure the critical minerals needed to build and sustain America's defense and economy," said George K. Kollitides II, Director of the Economic Defense Unit. "This investment puts the taxpayer and our warfighters first by taking decisive action to protect our economy from manipulation, revitalize our industrial base, and create thousands of American jobs that will support our national security for decades to come."

The UKMP contains massive deposits of critical materials, including the Arctic volcanogenic massive sulfide (VMS) deposit, which is one of the highest-grade undeveloped copper deposits in the world. Additionally, the adjacent Bornite project hosts substantial copper, cobalt, and germanium reserves. These materials are the foundation of our defense systems and modern economy, powering electrical infrastructure, defense platforms, datacenters, and advanced electronics.