NewsNovo
reported a net income of $0.2 million for the third quarter ended August 31, 2026, reversing a $1.7 million loss in the same period last year.
The profit was driven by a mark-to-market gain on a derivative liability tied to a strategic investment from the U.S. Department of War, which closed on September 11, 2026.
The Department of War completed a $35.6 million investment in Trilogy Metals and South32 Limited.
Trilogy Metals issued 8,215,570 units to the Department of War at $2.17 per unit, generating gross proceeds of approximately $17.8 million.
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