U.S. Investment & FAST-41 Put Trilogy Metals on Path to 2028 | Tony Giardini

Tony Giardini, CEO of Trilogy Metals, joins Kitco Mining’s Paul Harris at the 2026 Precious Metals Summit in Beaver Creek to discuss the U.S. government’s investment in Trilogy and the push to advance Alaska’s Ambler Mining District.

Speaking on September 25, Giardini said the U.S. Department of War’s $35.6 million strategic investment was significant beyond the capital itself. “I think for us it's really about not so much the quantum that we've received, but the validation that we have from the US government in terms of making the investment and participating,” he said. The transaction closed on September 11, leaving the U.S. government with approximately 9.1% of Trilogy and directing the proceeds toward Ambler Metals, Trilogy’s 50/50 joint venture with South32.

The Arctic Project formally entered NEPA review on September 21 under FAST-41, with a draft EIS targeted for October 2027 and a Record of Decision in September 2028. Giardini says Trilogy is also working toward completing definitive feasibility work around that time, potentially setting up a 2028 investment decision.

The proposed 211-mile Ambler Road remains critical to development. The U.S. government has committed to help facilitate financing, while Giardini says the current expectation is that mine users would ultimately pay for the road through tolls. He also discusses litigation risk, renewed exploration at Bornite and further district-scale opportunities beyond Arctic.

To learn more about Trilogy Metals and its latest project updates, visit: https://trilogymetals.com/

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

00:47 - U.S. Government Takes 9.1% Stake in Trilogy
02:33 - Why Washington Invested in the Ambler District
05:44 - 211-Mile Ambler Road and the 2028 Build Timeline
08:00 - Who Pays for the Road? Toll-Based Funding Model
10:38 - FAST-41 Permitting and September 2028 Decision Target
12:40 - Litigation Risk Around the Ambler Road
14:54 - Bornite Exploration and District-Scale Upside
18:07 - 2027–2028 Catalysts for Arctic and Ambler
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.