TMQ

In September 2026, the U.S. Army Corps of Engineers published a Notice of Intent for an Environmental Impact Statement for the Arctic project, initiating the NEPA public scoping and FAST-41 permitting process. Also in September 2026, Trilogy Metals closed a US$35.6 million strategic equity investment from the U.S. Department of War, making the federal government an approximately 10% shareholder, with funds deployed into Ambler Metals for exploration and development. Concurrently, the stock was removed from the S&P Global BMI Index, potentially affecting passive fund flows. The company was named to the 2026 TSX30 for a 570% three-year share price surge. In January 2026, InvestingPro's Fair Value analysis deemed the stock significantly overvalued at $6.52, predicting a 46% decline, which proved accurate as the stock plummeted 48.6% to $3.35 seven months later. Billionaire investor John Paulson exited his position, and Freedom Broker analysts downgraded the stock to 'hold' due to valuation concerns.