VANCOUVER, BC, March 28,
2024 /PRNewswire/ - Trilogy Metals
Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals" or
"the Company") will hold the Company's 2024 Annual General Meeting
of the Shareholders ("AGM") on Wednesday,
May 22, 2024 at 10:00 am Pacific
Time at the office of the Company, Suite 1150, 609 Granville
Street, Vancouver, British
Columbia.
All current directors will stand for re-election at the AGM.
Other items of business include the approval of unallocated
entitlements under the Company's 2012 Equity Incentive Plan.
Pursuant to Toronto Stock Exchange rules, all unallocated options,
rights and entitlements require shareholder approval every three
years following institution of the plan.
The Company is also asking shareholders to approve the adoption
of a new 2024 Non-Employee Directors Fixed Deferred Share Unit Plan
("Fixed DSU Plan"). Prior to 2022, the directors were only allowed
to elect to take up to 50% of their annual retainers in deferred
share units ("DSUs") and the remainder of their fees was paid out
in cash. Since 2022, due to cash preservation efforts, the
Company's non-executive directors have been taking 100% of their
directors' fees in DSUs, for which they will receive common shares
of the Company upon their retirement from the Board of Directors.
This effort has saved cash outflows for the Company but, as a
result, more DSUs have been issued. The Company's existing DSU Plan
has a limited number of units available for future grants to
directors and, to continue with cash-saving efforts, the Company
proposed to set aside 1,200,000 common shares for grants to
non-executive directors in a new Fixed DSU Plan. To reduce further
dilution for the shareholders of the Company, the Board of
Directors has approved the termination of the Ambler Metals Equity
Plan, which has 1,181,519 common shares available for future
grants, upon shareholder approval of the new Fixed DSU Plan. The
Company's largest shareholder Electrum Strategic Opportunities Fund
L.P. is in favor of the proposal.
Shareholders as of the record date of March 27, 2024 will be eligible to vote at the
AGM. The Company's 2024 Management Information Circular (also
called a proxy statement), which contains information about all
director nominees and other items of business was filed today and
is now available to the public. As always, we encourage you to vote
your shares prior to the AGM.
No presentations or updates on the Company's activities will be
provided at the AGM. The Company's most recent investor
presentation can be found on our website at www.trilogymetals.com.
Any investor who would like further information on the items of
business at the AGM or the Company's activities is welcome to
contact us directly.
Proxy Statement Filed with Regulators
Additional information about the AGM can be found in the
Company's 2024 Management Information Circular (or proxy
statement), which has been filed with the U.S. Securities and
Exchange Commission ("SEC") and the Canadian securities regulatory
authorities. The 2024 Management Information Circular is available
on the Company's website at
https://trilogymetals.com/investors/proxy-circular and on the
Company's profile on SEDAR+ at www.sedarplus.ca and on
EDGAR at www.sec.gov.
The Company, its directors and certain of its executive officers
are participants in the solicitation of proxies from the Company's
shareholders in connection with the AGM. The Company has filed its
2024 Management Information Circular with the SEC and Canadian
securities regulatory authorities in connection with any such
solicitation of proxies from the Company's shareholders.
SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH
PROXY STATEMENT AND ALL OTHER DOCUMENTS FILED WITH THE SEC AND
CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY AND IN THEIR
ENTIRETY AS THEY WILL CONTAIN IMPORTANT INFORMATION.
Ambler Access Project
On March 18, 2024 the United
States Bureau of Land Management ("BLM") filed its 11th
status report with the Courts stating that it posted the Draft
Supplemental Environmental Impact Statement ("SEIS") on its
ePlanning website on October 13, 2023
and published notice of availability of the Draft SEIS in the
Federal Register on October 20, 2023.
The public comment period ended on December
22, 2023. The BLM conducted several public meetings
concerning the Draft SEIS, and conducted associated ANILCA Section
810 hearings on subsistence use in communities affected by the
project. The BLM had previously reported that it anticipated
publishing a Final SEIS in the first quarter of calendar year 2024,
but now anticipates publishing a Final SEIS in the second quarter
of calendar year 2024. The BLM continues to anticipate publishing a
Record of Decision within the second quarter of calendar year
2024.
The Ambler Access Project ("AAP") is a proposed 211-mile,
industrial-use-only road from the Upper Kobuk Mineral Projects
("UKMP") to the Dalton Highway that will enable the advancement of
exploration and development at the Ambler Mining District, home to
some of the world's richest known copper-dominant polymetallic
deposits.
About Trilogy Metals
Trilogy Metals Inc. is a metal exploration and development
company holding a 50 percent interest in Ambler Metals LLC, which
has a 100 percent interest in the Upper Kobuk Mineral Projects in
northwestern Alaska. On
December 19, 2019, South32, a
globally diversified mining and metals company, exercised its
option to form a 50/50 joint venture with Trilogy. The UKMP is
located within the Ambler Mining District which is one of the
richest and most-prospective known copper-dominant districts in the
world. It hosts world-class polymetallic volcanogenic massive
sulphide ("VMS") deposits that contain copper, zinc, lead, gold and
silver, and carbonate replacement deposits which have been found to
host high-grade copper and cobalt mineralization. Exploration
efforts have been focused on two deposits in the Ambler Mining
District – the Arctic VMS deposit and the Bornite carbonate
replacement deposit. Both deposits are located within a land
package that spans approximately 190,929 hectares. Ambler Metals
has an agreement with NANA Regional Corporation, Inc., an Alaska
Native Corporation that provides a framework for the exploration
and potential development of the Ambler Mining District in
cooperation with local communities. Trilogy's vision is to develop
the Ambler Mining District into a premier North American copper
producer while protecting and respecting subsistence
livelihoods.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian and United States
securities legislation including the United States Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact, included herein, including,
without limitation, the date and time of the AGM, items of business
at the AGM, the Company's plans to provide further updates and the
timing thereof, the anticipated timing of publishing the final SEIS
and publishing of a Record of Decision, the benefits of the AAP,
shareholder approval of the proposals brought forward at the AGM,
Toronto Stock Exchange final approval of the Fixed DSU Plan and the
Company's expectations and plans with regards to the development of
the Ambler Mining District are forward-looking
statements. Forward-looking statements are frequently, but not
always, identified by words such as "expects", "anticipates",
"believes", "intends", "estimates", "potential", "possible", and
similar expressions, or statements that events, conditions, or
results "will", "may", "could", or "should" occur or be achieved.
Forward-looking statements involve various risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Company's expectations include the uncertainties involving our
assumptions with respect to the impact of the novel coronavirus
(COVID-19), whether the Alaska Industrial Development and Export
Authority will build the APP, the results of the SEIS and other
risks and uncertainties disclosed in the Company's Annual Report on
Form 10-K for the year ended November 30,
2023 filed with Canadian securities regulatory authorities
and with the United States Securities and Exchange Commission and
in other Company reports and documents filed with applicable
securities regulatory authorities from time to time. The Company's
forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made. The Company
assumes no obligation to update the forward-looking statements or
beliefs, opinions, projections, or other factors, should they
change, except as required by law.
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SOURCE Trilogy Metals Inc.
