The cost of the pre-development work and activities will be split equally between AIDEA and Ambler Metals based on an annually agreed programme and budget. The Ambler access development will provide road access for the development of the Arctic copper-gold project equally owned by Trilogy and South32.
Under the agreement, Ambler Metals and AIDEA will contribute up to US$35 million each for pre-development costs through December 2024. In January, AIDEA signed agreements for Right-of-Ways with the US Bureau of Land Management and the National Park Service.
An August 2020 feasibility detailed a conventional open pit mine-and-mill complex for a 10,000 tonne per day operation with annual production of more than 155 million pounds of copper, 192Mlb of zinc, 32Mlb of lead, 32,165 ounces of gold and 3.4Moz of silver for a minimum 12-year mine life.
Shares in Trilogy Metals are trading at C$2.84, valuing the company at $406 million.