Toronto-listed Trilogy Metals has given its approval for joint venture (JV) company Ambler Metals to enter a development funding agreement with the Alaska Industrial Development and Export Authority (AIDEA).
The agreement defines how AIDEA and Ambler Metals – a JV between Trilogy and South32 – will work together on the predevelopment work for the Ambler access project to address funding and oversight of the project's feasibility and permitting activities until the parties reach a decision on the construction of the project by the end of 2024.
The road will be key to Ambler Metals’ ability to develop polymetallic volcanogenic massive sulphide-style deposits.
Under the agreement, Ambler Metals and AIDEA agree to contribute up to $35-million each for pre-development costs of the Ambler access project through December 31, 2024.
Last month, AIDEA signed agreements for right of way for the Ambler access project with the United States Bureau of Land Management and the National Park Service, securing a 50-year right-of-way on federally owned and managed land.