Trilogy Metals (US:TMQ)2024-07-10 14:00Financial 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].