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Trilogy Metals, Inc. holds a 50 percent interest in Ambler Metals, LLC which owns the Upper Kobuk Mineral Projects (“UKMP”) which are in the Ambler Mining District of northwest Alaska. The two flagship assets within the UKMP are the Arctic Copper-Zinc-Lead-Gold-Silver project and the Bornite copper-cobalt project. In early 2020, Trilogy formed a 50/50 joint venture with South32 Ltd which is an Australian base metal producer. To earn their 50% interest in the JV, South32 contributed US$145 million. Currently, they have a treasury of approximately US$15 million and a market capitalization of US$200 million and are listed on the TSX and NYSE.