−Removed: Trilogy and its future business, operations and financial condition are subject to various risks and uncertainties due to the nature of its business and the present stage of exploration of its mineral properties and the formation of the joint venture.
−Removed: Certain of these risks and uncertainties are under the heading “Risk Factors” under Trilogy’s Form 10-K dated February 11, 2022 which is available on SEDAR at www.sedar.com, EDGAR at www.sec.gov and on our website at www.trilogymetals.com.
−Removed: There have been no material changes in our risk factors from those disclosed under Item 1A Risk Factors in our annual report on Form 10-K dated February 11, 2022, except for the following:
−Removed: The Ambler Mining District Industrial Access Project (“AMDIAP” or the “Ambler Access Project”) is critical to the development of the Upper Kobuk Mineral Projects, and significant delays in the development of the Ambler Access Project or failure to develop the Ambler Access Project would have a material adverse impact on development of the Upper Kobuk Mineral Projects and the Company.
−Removed: On July 23, 2020, the BLM issued the Joint Record of Decision (“JROD”) for the Ambler Access Project.
−Removed: The JROD approves the development of the northern or “A” route which is to be a 211-mile-long gravel private access road in the southern Brooks Range foothills to provide industrial access to the Ambler Mining District.
−Removed: Along with the JROD, a Section 404 Permit, which is governed by the Clean Water Act, was issued by the United States Army Corp.
−Removed: of Engineers to AIDEA.
−Removed: On August 3, 2020, a coalition of national and Alaska environmental non-government organizations (“ENGO”) filed the first of two lawsuits against the federal agencies responsible for issuing the JROD.
−Removed: The ENGOs main position is that due process was not carried out during the permitting of the AMDIAP.
−Removed: Subsequently, AIDEA, Ambler Metals, the State of Alaska, and NANA Regional Corporation, Inc., have filed for and received intervenor status in the lawsuit and will be defending the issuance of the JROD and the permits.
−Removed: In mid-March 2022, the BLM and the DOI suspended the right-of-way grant and the right-of-way permit, respectively to AIDEA relating to the Ambler Access Project over federal land while the DOI conducts further analysis and consultation.
−Removed: While the suspension decisions are in place:
−Removed: AIDEA may not conduct any activities that rely on the authority of the ROW permit;
−Removed: the terms and conditions of the ROW permit are tolled;
−Removed: and all rental fee obligations are suspended.
−Removed: The suspension does not preclude AIDEA from applying for special use permits to conduct activities on the lands subject to the ROW permit or grant pursuant to applicable law or authority other than the suspended permit and grant.
−Removed: Further, construction of the AMDIAP will require significant financing and additional permitting.
−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: If not, it would materially and adversely impact the ability to develop the Upper Kobuk Mineral Projects.
−Removed: Risks related to global economic instability, including global supply chain issues, inflation and fuel and energy costs
−Removed: may affect the Company’s business.
−Removed: The volatile global economic environment has created market uncertainty and volatility in recent years.
−Removed: This global economic uncertainty has negatively affected the mining and minerals sectors in general, and the Company’s market capitalization has been reduced in periods of market instabilities.
−Removed: Many industries, including the mining industry, are impacted by these market conditions.
−Removed: Global financial conditions remain subject to sudden and rapid destabilizations in
−Removed: Trilogy Metals Inc.
−Removed: For the Quarter Ended August 31, 2022
−Removed: response to economic shocks.
−Removed: A slowdown in the financial markets or other economic conditions including but not limited to global supply chain issues, inflation, fuel and energy costs, business conditions, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect the Company’s growth and profitability.
−Removed: Future economic shocks may be precipitated by a number of causes, including a continued rise in the price of oil and other commodities, the volatility of metal prices, geopolitical instability (including events such as the Russian invasion of Ukraine), terrorism, pandemics, the devaluation and volatility of global stock markets and natural disasters.
−Removed: Any sudden or rapid destabilization of global economic conditions could impact the Company’s ability to obtain equity or debt financing in the future on terms favorable to the Company or at all.
−Removed: In such an event, the Company’s operations and financial condition could be adversely impacted.
−Removed: Prices and availability of commodities consumed or used in connection with exploration and development and mining, such as natural gas, diesel, oil and electricity, also fluctuate, and these fluctuations affect the costs of operations.
−Removed: These fluctuations can be unpredictable, can occur over short periods of time and may have a material adverse impact on the Company’s operating costs or the timing and costs of various projects.
+Added: Trilogy and its future business, operations and financial condition are subject to various risks and uncertainties due to the nature of its business and the present stage of exploration of its mineral properties.
+Added: Certain of these risks and uncertainties are under the heading “Risk Factors” under Trilogy’s Form 10-K dated February 14, 2023 (“Form 10-K”) which is available on SEDAR at www.sedar.com and EDGAR at www.sec.gov and on our website at www.trilogymetals.com.
+Added: There have been no material changes to the risk factors set forth in Trilogy’s Form 10-K.
Unregistered Sales of Equity Securities and Use of Proceeds
−Removed: Defaults Upon Securities
+Added: Defaults Upon Senior Securities
Mine Safety Disclosures
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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.