07:49 AM EST, 01/15/2025 (MT Newswires) -- Trilogy Metals ( TMQ ) soared 10% at last look Wednesday in NYSE American pre-market trade as it provided "positive" results of a preliminary economic assessment (PEA) for the Bornite copper project in Alaska.

The study outlined an after-tax net present value of US$394.0 million based on an 8% discount rate, with a 20% internal rate of return. The project is expected to produce 109.1 million pounds per year of payable copper over a 17-year mine life.

The study also showed that Bornite can potentially extend mine activity for the Upper Kobuk Mineral Projects (UKMP) to over 30 years.

"Although we believe that further exploration along the 100-kilometer volcanogenic massive sulfide belt will extend the mine life of the Arctic project beyond the 13 years established by the current Arctic feasibility study, the Bornite PEA study shows it is possible, with existing known resources, to continue mine activity at the UKMP beyond 30 years," President and CEO Tony Giardini said.

The shares last traded at US$1.20 in New York.