Core Viewpoint - Trilogy Metals Inc. reported a significant reduction in net loss for the fiscal year 2024 compared to 2023, indicating improved financial performance and operational efficiency [3][4][5]. Financial Results - For the year ended November 30, 2024, the company reported a net loss of $8.6 million, a decrease from a net loss of $15.0 million in 2023, reflecting a $6.4 million improvement [3]. - The basic and diluted loss per common share improved to $0.05 from $0.10 in the previous year [3]. - Exploration expenses decreased to $36,000 from $43,000, while general and administrative expenses fell to $1.2 million from $1.3 million [3]. - The share of loss on equity investment in Ambler Metals decreased by $5.2 million, primarily due to reduced corporate wages and mineral property expenses [3]. Outlook for 2025 - The company has approved a budget of $5.8 million for Ambler Metals in fiscal 2025, slightly up from $5.5 million in 2024 [4]. - A corporate budget of approximately $3.1 million has been set for 2025, compared to $2.8 million in 2024, with allocations for personnel, professional fees, and investor relations [5]. Liquidity and Capital Resources - As of November 30, 2024, Trilogy had $25.8 million in cash and working capital of $25.3 million, indicating a strong liquidity position [7]. - The company received $25.0 million from Ambler Metals as a return of excess cash during the fiscal year [7]. - Ambler Metals had $7.5 million in cash, sufficient to fund its approved fiscal 2025 operating budget of $5.8 million [7]. Ambler Mining District Industrial Access Project - The U.S. Bureau of Land Management (BLM) filed a Final Supplemental Environmental Impact Statement for the Ambler Access Project, identifying "No Action" as the preferred alternative [8][9]. - AIDEA, the proponent for the project, has objected to the BLM's decision, claiming it illegally blocks access to statehood lands and minerals [8]. - An executive order signed by President Trump on January 20, 2025, aims to review the BLM's decision and potentially reinstate a previous record of decision that approved the development of the Ambler Road [10]. Company Overview - Trilogy Metals Inc. holds a 50% interest in Ambler Metals LLC, which owns the Upper Kobuk Mineral Projects in northwestern Alaska, known for its rich copper-dominant deposits [12][13]. - The company aims to develop the Ambler Mining District into a premier North American copper producer while respecting local communities [13].

Core Viewpoint - Trilogy Metals Inc. has filed a National Instrument 43-101 technical report for the Bornite Project, indicating progress in the development of this copper project in Alaska [1][2] Group 1: Project Overview - The Bornite Project is located in the Ambler Mining District of Northwestern Alaska and is held by Ambler Metals LLC, a joint venture equally owned by Trilogy Metals and South32 Limited [2][5] - The Preliminary Economic Assessment (PEA) for the Bornite Project was prepared on a 100% ownership basis, with Trilogy's share being 50% [2][3] - The PEA results were announced on January 15, 2025, and there are no material differences from those disclosed in the company's previous news release [2] Group 2: Technical Reports - Trilogy Metals engaged independent consultants to prepare the PEA under National Instrument 43-101 standards [3] - The company will also file a S-K 1300 technical report summary with the U.S. Securities and Exchange Commission [1][3] Group 3: Company Background - Trilogy Metals holds a 50% interest in Ambler Metals LLC, which has a 100% interest in the Upper Kobuk Mineral Projects [5] - The Ambler Mining District is known for its rich copper-dominant deposits, including polymetallic volcanogenic massive sulphide (VMS) deposits [5] - The company's vision is to develop the Ambler Mining District into a premier North American copper producer while respecting local communities [5]

Core Viewpoint - Trilogy Metals Inc. announced positive results from its Preliminary Economic Assessment (PEA) for the Bornite copper project, indicating strong economic viability and potential for extended mining operations in the Ambler Mining District of Northwestern Alaska [1][4][17]. Summary by Relevant Sections Project Overview - The Bornite Project is a joint venture between Trilogy Metals and South32, with Trilogy holding a 50% interest [1][27]. - The PEA outlines a 6,000 tonne-per-day underground mining operation with a projected mine life of 17 years [4][18]. Economic Viability - The PEA forecasts total payable production of 1.9 billion pounds of copper over the mine life [8][17]. - The base case scenario assumes a long-term copper price of $4.20 per pound [4]. - Pre-tax Net Present Value (NPV) at an 8% discount rate is estimated at $552 million, with an Internal Rate of Return (IRR) of 23.6% [8][9]. Financial Metrics - Initial capital expenditure is projected at $503.8 million, with sustaining capital of $363.1 million, leading to total capital expenditures of $866.9 million [9][19]. - After-tax NPV is estimated at $394 million, with an after-tax IRR of 20% [8][9]. Operating Costs - Total operating costs are estimated at $98.91 per tonne milled, which includes mining, processing, and general administrative costs [7][9]. - Cash cost is projected at $2.76 per pound of payable copper, with an all-in cost of $3.35 per pound [9]. Mineral Resources - The PEA includes inferred mineral resources totaling 208.9 million tonnes with an average grade of 1.42% copper, containing approximately 6,527 million pounds of copper [10][11]. - The South Reef area contains higher-grade mineralized zones that may be amenable to underground mining [11][13]. Future Potential - The study suggests the possibility of extending mining activities at the Upper Kobuk Mineral Projects (UKMP) to over 30 years based on existing resources [5][17]. - The PEA does not account for potential synergies from the closure of the Arctic Project, which could be significant [17]. Technical Contributors - The PEA was prepared by independent consultants, including Wood Canada Limited and Ausenco Engineering Canada ULC, ensuring compliance with National Instrument 43-101 standards [16][22].

Core Viewpoint - Trilogy Metals Inc. is set to release the results of the Preliminary Economic Assessment for the Bornite copper project on January 15, 2025, and will hold an investor webinar to discuss these results [1]. Company Overview - Trilogy Metals Inc. is a metal exploration and development company with a 50 percent interest in Ambler Metals LLC, which owns 100 percent of the Upper Kobuk Mineral Projects in northwestern Alaska [3]. - The Upper Kobuk Mineral Projects are located in the Ambler Mining District, known for its rich copper-dominant deposits, including world-class polymetallic volcanogenic massive sulphide deposits containing copper, zinc, lead, gold, and silver [3]. - The company is focused on two main deposits: the Arctic VMS deposit and the Bornite carbonate replacement deposit, within a land package of approximately 190,929 hectares [3]. - Trilogy Metals has an agreement with NANA Regional Corporation, Inc. to facilitate exploration and potential development in cooperation with local communities [3]. - The company's vision is to develop the Ambler Mining District into a leading North American copper producer while respecting local subsistence livelihoods [3].

Financial Performance - For the three-month period ended August 31, 2024, Trilogy Metals reported a net loss of $1.6 million, a decrease from a net loss of $4.1 million for the same period in 2023, primarily due to reduced share losses from Ambler Metals[5] - For the nine-month period ended August 31, 2024, the net loss was $7.0 million, down from $11.9 million in the same period in 2023, attributed to lower share losses, professional fees, and salaries[6] Cash and Budget Management - As of August 31, 2024, Trilogy Metals had cash and cash equivalents of $25.7 million, with $25.0 million received from Ambler Metals as a return of excess cash[8] - The company has a 2024 fiscal year cash budget of $2.8 million, with $1.9 million spent on operating activities during the nine-month period, compared to a budgeted $2.1 million[7] - Ambler Metals had $9.8 million in cash and cash equivalents and $8.7 million in working capital as of August 31, 2024, sufficient to fund its fiscal year's budget[9] Expenditures and Expenses - Ambler Metals approved a fiscal year budget of $5.5 million for external affairs and asset maintenance, with actual expenditures of $3.5 million during the nine months ended August 31, 2024, against a budget of $4.5 million[2] - General and administrative expenses for the three months ended August 31, 2024, were $293,000, compared to $278,000 for the same period in 2023[4] - Professional fees for the nine-month period ended August 31, 2024, were $530,000, down from $897,000 in the same period in 2023[4] Strategic Initiatives - The company continues to implement cash preservation strategies, including deferring director fees and compensating senior management in shares to reduce cash expenditures[8] - Ambler Metals funded $1.4 million to the Alaska Industrial Development and Export Authority for the Ambler Access Project, compared to a budget of $1.9 million[3]

Financial Results - Trilogy Metals reported a net loss of $1.6 million for the three-month period ended August 31, 2024, a decrease from a net loss of $4.1 million for the same period in 2023, primarily due to a reduction in share of losses from Ambler Metals [6] - For the nine-month period ended August 31, 2024, the company reported a net loss of $7.0 million compared to a net loss of $11.9 million for the same period in 2023, again attributed to a decrease in share of losses from Ambler Metals and reductions in professional fees and salaries [7] Ambler Metals Activities - Ambler Metals approved a fiscal year budget of $5.5 million for external and community affairs, maintenance of mineral claims, and physical assets, with $3.5 million spent during the nine-month period ended August 31, 2024 [3] - An additional budget of $2.5 million was approved for the Ambler Access Project (AAP), with $1.4 million funded during the same period [4] Liquidity and Capital Resources - As of August 31, 2024, Trilogy Metals had cash and cash equivalents of $25.7 million, with $25.0 million received from Ambler Metals as a return of excess cash [10] - The company has a cash budget of $2.8 million for the fiscal year, with $1.9 million spent on operating activities during the nine-month period, slightly below the budgeted $2.1 million [9] Project Funding - All project-related costs are funded by Ambler Metals, which had $9.8 million in cash and cash equivalents and $8.7 million in working capital as of August 31, 2024, sufficient to fund the current fiscal year's budget [11] Company Overview - Trilogy Metals holds a 50% interest in Ambler Metals LLC, which has a 100% interest in the Upper Kobuk Mineral Projects in Alaska, known for its rich copper-dominant deposits [13]

Financial Performance - For the six-month period ended May 31, 2024, Trilogy reported a net loss of $5.4 million, a decrease from a net loss of $7.9 million for the same period in 2023, primarily due to reduced share of loss from Ambler Metals and lower professional fees[13]. - The company reported a comprehensive loss of $1.8 million for the three-month period ended May 31, 2024, down from a loss of $2.8 million in the same quarter of 2023, driven by lower general and administrative expenses[26]. Cash Management - The company had cash on hand of $14.0 million as of May 31, 2024, and $26.5 million as of July 10, 2024, indicating a strong liquidity position[17]. - Trilogy expended $1.1 million on operating activities during the six-month period ending May 31, 2024, compared to a budgeted cash expenditure of $1.5 million, reflecting effective cash management[19]. - Ambler Metals returned $25 million to Trilogy and South32 prior to the end of May 2024, with another $25 million returned in early June 2024, enhancing cash management for the joint venture[22]. - Trilogy's senior management continues to take a portion of their base salaries in shares to preserve cash, reflecting ongoing cash conservation strategies[15]. - The company has a 2024 fiscal year cash budget totaling $2.8 million, with actual expenditures tracking on or below budget for the first half of the fiscal year[19]. - As of May 31, 2024, Ambler Metals had $35.1 million in cash and cash equivalents, sufficient to fund its fiscal year's budget for the Upper Kobuk Mineral Projects and the Ambler Access Project[31]. Project Developments - The Board of Ambler Metals approved a fiscal year budget of $5.5 million for 2024, with $2.4 million spent on salaries, professional fees, and project support costs during the first half of the year[21]. - The Final Supplemental Environmental Impact Statement for the Ambler Access Project identified "No Action" as the preferred alternative, impacting future project developments[18].

| --- | --- | |----------------------------------------------------------------------------------------------------------|-------| | | | | PART I - FINANCIAL INFORMATION | Page | | Item 1. Financial Statements | | | Item 2. Management's Discussion and Analysis of Financial Condition and Results of | | | Operations | 15 | | Item 3. Quantitative and Qualitative Disclosures about Market Risk | 22 | | Item 4. Controls and Procedures | 23 | | PART II - OTHER INFORMATION | 23 | | Item 1. Legal Proceedings | 23 | ...

Corporate Activities - The Board of Ambler Metals approved a 2024 fiscal year budget totaling $5.5 million for external and community affairs, maintaining mineral claims, and physical asset maintenance [2] - For the six-month period ended May 31, 2024, Ambler Metals expended $2.4 million on various operational costs, slightly below the budget of $2.6 million [2] Financial Performance - For the six-month period ended May 31, 2024, the company reported a net loss of $5.4 million, an improvement from a net loss of $7.9 million for the same period in 2023, primarily due to reduced losses from Ambler Metals and lower professional fees [5] - The company had cash and cash equivalents of $14.0 million and working capital of $13.6 million as of May 31, 2024, with a strong cash position maintained through various cost-saving strategies [6] - For the three-month period ended May 31, 2024, the company reported a net loss of $1.8 million compared to a net loss of $2.8 million for the same quarter in 2023, attributed to decreased general and administrative expenses and reduced share of losses from Ambler Metals [17] Joint Venture and Cash Management - Ambler Metals, a joint venture with South32, returned $25 million to its owners in June 2024, maintaining a minimum cash balance of $10 million for operational flexibility [14] - The company has been actively investing excess cash in low-risk, short-term deposits to earn interest income [14] Ambler Access Project (AAP) - The Final Supplemental Environmental Impact Statement for the AAP identified "No Action" as the preferred alternative, leading to the denial of AIDEA's application for a Right-Of-Way grant [24][25] - Ambler Metals funded $1.1 million to AIDEA in support of the AAP during the six-month period ended May 31, 2024, compared to a budget of $1.3 million [23] Shareholder Actions - The Annual General Meeting of Shareholders held on May 22, 2024, resulted in the election of all nominated directors and the approval of a new Fixed Deferred Share Unit Plan to preserve cash compensation for non-employee directors [22]

VANCOUVER, BC, May 23, 2024 /PRNewswire/ - Trilogy Metals Inc. (TSX: TMO) (NYSE American: TMQ) ("Trilogy Metals" or the "Company") is pleased to announce the detailed voting results on the items of business considered at its Annual Meeting of Shareholders ("Meeting") held in Vancouver on Wednesday, May 22, 2024. All proposals were approved and the nominees listed in the management proxy circular for the meeting were all elected as directors. A total of 98,964,326 or 61.79% of the Company's issued and outsta ...