Investing in our securities is speculative and involves a high degree of risk due to the nature of our business and the present stage of exploration of our mineral properties.
−Removed: The following risk factors, as well as risks currently unknown to us, could materially adversely affect our future business, operations and financial condition and could cause them to
−Removed: differ materially from the estimates described in forward-looking information relating to Trilogy, or our business, property or financial results, each of which could cause purchasers of securities to lose all or part of their investments.
+Added: The following risk factors, as well as risks currently unknown to us, could materially adversely affect our future business, operations and financial condition and could cause them to differ materially from the estimates described in forward-looking information relating to Trilogy, or our business, property or financial results, each of which could cause purchasers of securities to lose all or part of their investments.
Risks Related to the COVID Pandemic
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Risks Related to the Company’s Mineral Properties
−Removed: None of our mineral properties are in production or under development.
−Removed: We have no history of commercially producing precious or base metals and all of our properties are in the exploration stage.
−Removed: There are no proven or probable reserves on the Upper Kobuk Mineral Projects, as defined in SEC Industry Guide 7.
−Removed: Mineral exploration involves significant risk, since few properties that are explored contain bodies of ore that would be commercially economic to develop into producing mines.
−Removed: We cannot assure you that we will establish the presence of any measured resources or proven or probable reserves at the Upper Kobuk Mineral Projects, or any other of our properties.
−Removed: The failure to establish proven or probable reserves would severely restrict our ability to implement our strategies for long-term growth.
−Removed: See “ Cautionary Note to United States Investors ”.
We may not have sufficient funds to develop our mineral projects or to complete further exploration programs.
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Although South32 funded Ambler Metals in the amount of US$145 million upon formation of the joint venture as discussed above, in the future, once our share of such amount has been expended or we wish to acquire any other properties outside of Ambler Metals, our ability to continue exploration, development and production activities, if any, will depend on our ability to obtain additional external financing.
−Removed: Any unexpected costs, problems or delays could severely impact our ability to continue exploration and development activities.
+Added: Any unexpected costs, problems or delays could severely impact our ability to continue exploration
+Added: and development activities.
The failure to meet ongoing obligations on a timely basis could result in a loss or a substantial dilution of our interests in projects.
The sources of external financing that we may use for these purposes include project or bank financing or public or private offerings of equity and debt.
−Removed: In addition, we may enter into one or more strategic alliances or joint ventures, in
−Removed: addition to our joint venture with South32, sell marketable securities held by the Company, decide to sell certain property interests, or utilize one or a combination of all of these alternatives.
+Added: In addition, we may enter into one or more strategic alliances or joint ventures, in addition to our joint venture with South32, sell marketable securities held by the Company, decide to sell certain property interests, or utilize one or a combination of all of these alternatives.
The financing alternative we choose may not be available on acceptable terms, or at all.
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Exploration and any future development or production activities may be limited and delayed by infrastructure challenges, inclement weather and a shortened exploration season.
−Removed: We cannot provide assurances that the proposed AMDIAP that would provide access to the Ambler mining district will be built, that it will be built in a timely manner, that the cost of accessing the proposed road will be reasonable, that it will be built in the manner contemplated, or that it will sufficiently satisfy the requirements of the Upper Kobuk Mineral Projects.
−Removed: The proposed AMDIAP requires significant permitting and approvals, and the JROD issued in 2020 is currently subject to lawsuits which could delay or prevent the project.
+Added: We cannot provide assurances that the proposed AAP that would provide access to the Ambler mining district will be built, that it will be built in a timely manner, that the cost of accessing the proposed road will be reasonable, that it will be built in the manner contemplated, or that it will sufficiently satisfy the requirements of the Upper Kobuk Mineral Projects.
+Added: The proposed AAP requires significant permitting and approvals, and the JROD issued in 2020 is currently subject to lawsuits which could delay or prevent the project.
Further, changes in the U.S.
−Removed: federal administration may result in changes in interpretations or priorties which may further delay or prevent the proposed AMDIAP.
+Added: federal administration may result in changes in interpretations or priorties which may further delay or prevent the proposed AAP.
In addition, successful development of the Upper Kobuk Mineral Projects will require the development of the necessary infrastructure.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.